Sunday , 25 September 2016
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Hunt Creates REIT for Texas Power Lines

DALLAS – InfraREIT, a power line company created by billionaire Ray L. Hunt’s organization, launched its initial public offering and began trading on the New York Stock Exchange on Friday.

The Dallas-based Hunt organization, with energy, real estate and ranching interests, was founded by H.L. Hunt and it now has annual revenue of $4.5 billion, according to Forbes.

InfraREIT owns 11,000 miles of power transmission lines in Texas. It is externally managed by Hunt Utility Services, LLC, an affiliate of Hunt Consolidated, Inc. (a diversified holding company managed by the Ray L. Hunt family).

In the $460 million IPO, shares of InfraREIT common stock were priced $23 per share and trade under the symbol “HIFR.”

Baker Botts is representing InfraREIT in the transaction. BofA Merrill Lynch, Citigroup, RBC Capital Markets and Morgan Stanley are acting as the joint book-running managers for the offering.  UBS Investment Bank and Wells Fargo Securities are acting as senior co-managers for the offering.  Scotiabank/Howard Weil and Societe Generale are acting as the co-managers.

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