Rose Rock Midstream Announces Public Offering of Common Units
February 09 2015 - 4:26PM
Rose Rock Midstream®, L.P. (NYSE:RRMS) announced today the
commencement, subject to market conditions, of an underwritten
public offering of 2,000,000 common units representing limited
partner interests. The company also intends to grant the
underwriters a 30-day option to purchase up to an additional
300,000 common units.
Rose Rock intends to use the net proceeds from this offering and
from any exercise of the underwriters' option to purchase
additional common units to fund a portion of its pending
acquisition of SemGroup® Corporation's (NYSE:SEMG) remaining crude
oil assets, which includes the Wattenberg Oil Trunkline and 50%
ownership of Glass Mountain Pipeline.
RBC Capital Markets, Morgan Stanley, UBS Investment Bank and
Wells Fargo Securities are acting as the joint book-running
managers for the offering. When available, copies of the
preliminary prospectus supplement, 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:
RBC Capital Markets Attn: Prospectus Department 3 World
Financial Center 200 Vesey Street, 8th Floor New York, New
York 10281-8098 Phone: (877) 822-4089
Morgan Stanley Attn: Prospectus Department 180 Varick
Street, 2nd Floor New York, New York 10014
UBS Securities, LLC Attn: Prospectus Department 299 Park Avenue,
28th Floor New York, New York 10171 Phone: (888) 827-7275
Wells Fargo Securities, LLC Attention: Equity Syndicate
Dept. 375 Park Avenue New York, New York 10152
Phone: (800) 326-5897
The common units will be offered and sold pursuant to an
effective shelf registration statement previously filed with the
Securities and Exchange Commission. This press release does not
constitute an offer to sell or the solicitation of an offer to buy
the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The offering is being made only by means of
a prospectus and related prospectus supplement meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
About Rose Rock Midstream
Rose Rock Midstream®, L.P. (NYSE:RRMS) is a growth-oriented
Delaware limited partnership formed by SemGroup® Corporation
(NYSE:SEMG) to own, operate, develop and acquire a diversified
portfolio of midstream energy assets. Headquartered in Tulsa, OK,
Rose Rock Midstream provides crude oil gathering, transportation,
storage and marketing services with the majority of its assets
strategically located in or connected to the Cushing, Oklahoma
crude oil marketing hub.
Forward-Looking Statements Certain matters
contained in this press release include "forward-looking
statements" within the meaning of the federal securities laws. All
statements, other than statements of historical fact, included in
this Press Release including the prospects of our industry, our
anticipated financial performance, including distributable cash
flow, cash distributions, management's plans and objectives for
future operations, capital investments, business prospects, outcome
of regulatory proceedings, market conditions and other matters, may
constitute forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are
reasonable, we cannot assure you that these expectations will prove
to be correct. These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, insufficient cash from operations following the
establishment of cash reserves and payment of fees and expenses to
pay the minimum quarterly distribution; any sustained reduction in
demand for crude oil in markets served by our midstream assets; our
ability to obtain new sources of supply of crude oil; the amount of
collateral required to be posted from time to time in our
transactions; competition from other midstream energy companies;
our ability to comply with the covenants contained in and maintain
certain financial ratios required by our credit facility; our
ability to access credit and capital markets; our ability to renew
or replace expiring storage contracts; the loss of or a material
nonpayment or nonperformance by any of our key customers; the
overall forward market for crude oil; the possibility that our
hedging activities may result in losses or may have a negative
impact on our financial results; weather and other natural
phenomena; hazards or operating risks incidental to the gathering,
transporting or storing of crude oil; our failure to comply with
new or existing environmental laws or regulations; the possibility
that the construction or acquisition of new assets may not result
in the corresponding anticipated revenue increases; as well as
other risk factors discussed from time to time in each of our
documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any
forward-looking statements contained in this Press Release, which
reflect management's opinions only as of the date hereof. Except as
required by law, we undertake no obligation to revise or publicly
release the results of any revision to any forward-looking
statements.
CONTACT: Investor Relations:
Alisa Perkins
918-524-8081
investor.relations@semgroupcorp.com
roserockir@rrmidstream.com
Media:
Kiley Roberson
918-524-8594
kroberson@semgroupcorp.com
kroberson@rrmidstream.com
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