Arc Logistics Partners (NYSE: ARCX) opened for trading on Nov. 6. This midstream partnership was formed by Lightfoot Capital to own, operate, develop and acquire a diversified portfolio of complementary energy logistics assets. The partnership is engaged in the terminalling, storage, throughput and transloading of crude oil and petroleum products. It intends to grow the business through the optimization, organic development and acquisition of terminalling, storage, rail, pipeline and other energy logistics assets that generate stable cash flows.
The 6 million common unit IPO opened flat at $19. ARCX plans to pay a minimum quarterly distribution of $0.3875 per unit each quarter, or $1.55 on an annualized basis. At the recent closing price of $19.04, this translates into an annual yield of 8.1 percent.
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