Summit Midstream Partners, LP Announces Pricing of Public Offering of Common Units
May 07, 2015
THE WOODLANDS, Texas, May 7, 2015 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) today announced the pricing of its underwritten public offering of 6,500,000 common units representing limited partner interests in SMLP at a public offering price of $30.75 per common unit. The underwriters have been granted a 30-day option to purchase up to an additional 975,000 common units, less the underwriting discount. The offering is scheduled to close on May 13, 2015, subject to customary closing conditions.
SMLP intends to use the net proceeds from this offering to fund a portion of the purchase price of its pending acquisition of all of the issued and outstanding membership interests in Polar Midstream, LLC and Epping Transmission Company, LLC (the "Acquisition"). If the Acquisition is not consummated for any reason, SMLP intends to use the net proceeds from the offering for general partnership purposes, including the repayment of borrowings under its revolving credit facility.
Barclays, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, Wells Fargo Securities, Baird, Citigroup, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers for the offering. BB&T Capital Markets and U.S. Capital Advisors are acting as co-managers for the offering.
When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained free of charge on the Securities and Exchange Commission's website at www.sec.gov or from the underwriters of the offering as follows: