Constellation Energy said Wednesday that it’s new limited liability subsidiary, Constellation Energy Resources LLC, which focuses on the gas production and midstream business, filed a registration statement on Form S-1 with the Securities and Exchange Commission Wednesday regarding a proposed underwritten initial public offering (IPO) of common units.

Constellation Energy Resources LLC plans to sell up to 6.05 million common units representing Class B limited liability company interests in the IPO. After the IPO, Constellation Energy Group will continue to own about 56% of the company. It will use the proceeds from the IPO for working capital and to reduce borrowings. Constellation plans to list its stock on the New York Stock Exchange under the symbol “CEP”

Constellation Energy Resources was formed in February 2005. The company’s assets are located exclusively in the Robinson’s Bend Field in the Black Warrior Basin of Alabama. Citigroup Global Markets Inc. and Lehman Brothers Inc. will act as joint book-running managers and representatives of the underwriters. This offering of common units will be made only by means of a prospectus, which can be obtained from Citigroup Global Markets Inc. or Lehman Brothers. A registration statement has been filed with the SEC but has not yet become effective.

Constellation’s primary subsidiary is Maryland-based Baltimore Gas & Electric. Constellation also is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. The company owns 100 generating units located throughout the United States, totaling 12,000 MW of capacity.

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