Lehigh Gas Files For IPO

Lehigh Gas Partners LP filed with U.S. regulators on Friday to raise up to $120 million in an initial public offering (IPO) of its common stock to help repay debt and reimburse its general partner.

The company this month entered into a master lease agreement with an affiliate of Getty Realty Corp. for 120 more sites. Lehigh expects to apply proceeds from its IPO to reduce borrowings under its new credit facility and to reimburse Topper Group and Lehigh Gas Corp., affiliates that contributed assets to the limited partnership, MarketWatch reported.

Lehigh generates revenue from real estate leases as well as fuel distribution, serving gas stations in high-traffic metropolitan areas across Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire and Maine.

Lehigh reported a $9.6 million profit in 2011, compared with a $3 million loss a year earlier. Total revenue, driven by fuel sales, rose 36% to $1.63 billion. The company plans to apply to list units on the New York Stock Exchange under the symbol LGP.

 

 

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