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Rice Midstream Wraps Up $375 Million Equity Investment
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Rice Energy Inc. has completed a $375 million equity investment by EIG Global Energy Partners, on behalf of EIG managed funds, into Rice Midstream Holdings LLC in exchange for $375 million of Series B Units in RMH and common units representing an 8.25% limited partner interest in Rice Midstream GP Holdings LP, a newly-formed subsidiary of RMH that holds all of the common units, subordinated units and incentive distribution rights in Rice Midstream Partners LP previously held by RMH.
The Preferred Equity has an 8.0% distribution rate with an option to pay in kind for the first two years. RMH will use approximately $75 million of the proceeds to repay all outstanding borrowings under its revolving credit facility and to pay transaction fees and expenses, and the remaining $300 million will…
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