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Summit Midstream Initiates Public Offering of Units


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.

With a share price of ~$30.72, total proceeds will be ~$200 million.

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. 

Announced Date
May 07,2015
Value  ( $MM )
200
Type
Equity-Stock-Sales
Use of Fund
Fund Acquisition
Company
Summit Midstream Partners, Lp
Underwriter
/Book Runner
Barclays Plc,Goldman Sachs Group Inc,Morgan Stanley,Wells Fargo Securities LLC,Baird, Stifel, Janney Montgomery Scott,Citigroup Global Markets Inc.,Deutsche Bank Securities Inc.,RBC Capital Markets
Regions
United States
Country
United States

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