Initial Public Offering On February 6, 2015, the Partnership's common units began trading on the New York Stock Exchange under the ticker symbol "CPPL." On February 11, 2015 the Partnership completed its offering of 53,833,107 common units at a price to the public of $23.00 per unit, including 7,021,709 common units that were issued pursuant to the exercise in full of the underwriters' over-allotment option. The Partnership received net proceeds of $1,168.4 million from the offering. At or prior to the closing of the offering the following transactions occurred: | | • | CEG contributed $1,217.3 million of capital to certain subsidiaries of the Predecessor to repay intercompany debt owed to NiSource Finance. CEG entered into new intercompany debt agreements with NiSource Finance for $1,217.3 million; |
| | • | CEG contributed substantially all of the subsidiaries in the Predecessor to Columbia OpCo; |
| | • | CEG assumed responsibility for all historical current and deferred income taxes other than Tennessee state income taxes that continue to be borne by the Partnership post-IPO, as well as associated regulatory assets and liabilities; |
| | • | CEG contributed a 7.3% limited partner interest in Columbia OpCo in exchange for 46,811,398 subordinated units in the Partnership and all of the Partnership's incentive distribution rights; |
| | • | the Partnership purchased from Columbia OpCo an additional 8.4% limited partner interest in exchange for $1,168.4 million from the net proceeds of the IPO, net of underwriting discounts, structuring fees and offering expenses of approximately $69.8 million, resulting in the Partnership owning a 15.7% limited partner interest in Columbia OpCo; |
The table below summarizes the effects of the changes in the Partnership's ownership interest in Columbia OpCo on the Partnership's equity: | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended June 30, | (in millions) | 2015 | | 2015 | Net income attributable to the Partnership | $ | 16.3 |
| | $ | 29.6 |
| Decrease in partnership equity for the purchase of an additional 8.4 percent interest in Columbia OpCo | — |
| | (424.4 | ) | Change from net income attributable to the Partnership and transfers to noncontrolling interest | $ | 16.3 |
| | $ | (394.8 | ) |
| | • | Columbia OpCo distributed $500.0 million to CEG as a reimbursement of preformation capital expenditures with respect to the assets contributed to Columbia OpCo. |
The Partnership entered into an omnibus agreement with CEG and its affiliates at the closing of the IPO that addresses (1) centralized corporate, general and administrative services to be provided by CEG for the Partnership and the reimbursement by the Partnership for the Partnership's portion of these services, (2) the Partnership's right of first offer for CEG's 84.3% interest in Columbia OpCo, (3) the indemnification of the Partnership for certain potential environmental and toxic tort claims losses and expenses associated with the operation of the assets and occurring before the closing date of the IPO and (4) Columbia OpCo's requirement to guarantee future indebtedness that CPG incurs. |