American Petroleum Tankers files for IPO


Oct 22 (Reuters) - American Petroleum Tankers Partners LP,controlled by Blackstone Group LP, filed with U.S.regulators to raise up to $172.5 million in an initial publicoffering of common units.

The company, which operates tankers that transport crude oiland refined petroleum products between U.S. ports, said in apreliminary prospectus that BofA Merrill Lynch, Barclays, andCredit Suisse were among the major underwriters for the IPO.

The filing did not reveal how many shares the companyplanned to sell or their expected price. ()

Blackstone bought Plymouth Meeting, Pennsylvania-basedAmerican Petroleum Tankers LLC in a $500 million deal in 2006.GSO Capital Partners LP and Cerberus Capital Management LP alsoown equity interest in the company.

American Petroleum sued the U.S. Department ofTransportation last year after the Maritime Administration rejected one of its financing application. The company said therejection was based on the fact that it was owned by investmentfunds managed by private equity firms.

The company intends to list its common stock on the New YorkStock Exchange under the symbol 'JAT'.

Net proceeds from the offering would be used to repay debtunder its existing credit facility, the company said in thefiling.

American Petroleum Tankers Holdings LLC's net loss widenedto $51.9 million in 2012 from $35.6 million a year earlier.Revenue fell about 11 percent to $94.8 million.

The amount of money a company says it plans to raise in itsfirst IPO filings is used to calculate registration fees. Thefinal size of the IPO could be different.

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