Summit Midstream Partners, LP Announces Upsizing and Pricing of Secondary Public Offering of Common Units by Summit Midstream Partners Holdings, LLC
Sep 04, 2014
Summit Midstream Partners, LP (NYSE: SMLP) today announced the pricing of an underwritten public offering of 4,347,826 common units representing limited partner interests owned by Summit Midstream Partners Holdings, LLC (“SMP Holdings”), a wholly owned direct subsidiary of SMLP’s sponsor, Summit Midstream Partners, LLC, at a public offering price of $53.88 per common unit. The offering was upsized from the previously announced public offering of 4,000,000 common units. SMP Holdings has granted the underwriters a 30- day option to purchase up to 652,174 additional common units at the public offering price, less the underwriting discount. The offering is scheduled to close on September 9, 2014, subject to customary closing conditions.
SMLP will not receive any of the net proceeds from this offering and the number of SMLP’s outstanding common units will remain unchanged. The common units are being offered and will be sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the “SEC”).
BofA Merrill Lynch, Barclays, Citigroup, Morgan Stanley, Baird, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets, and Wells Fargo Securities 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.