Finance & Investing | Fundraising | Capital Markets | Private Equity Activity
Summit Midstream Initiates Public Offering of Units
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Summit Midstream Partners, LP has commenced an underwritten public offering of 6,500,000 common units representing limited partner interests in SMLP pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters will be granted a 30-day option to purchase up to an additional 975,000 common units.
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. 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.