DALLAS, March 11, 2014 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) today announced the pricing of
its underwritten public offering of 9,000,000 common units
representing limited partner interests in SMLP, of which 5,300,000
common units are being offered by SMLP and 3,700,000 common units
are being offered by Summit Midstream Partners Holdings, LLC ("SMP
Holdings"), at a public offering price of $38.75 per common unit. The number of units
being sold by SMP Holdings has been upsized from 2,700,000 common
units to 3,700,000 common units. The underwriters have been granted
a 30-day option to purchase up to an additional 1,350,000 common
units from SMP Holdings at the public offering price, less the
underwriting discount. The offering is scheduled to close on
March 17, 2014, subject to customary
closing conditions.
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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 Red Rock
Gathering Company, LLC ("Red
Rock"). SMLP will not receive any proceeds from the
common units sold by SMP Holdings.
Barclays, BofA Merrill Lynch, Morgan Stanley, Deutsche Bank
Securities, RBC Capital Markets, Citigroup, Goldman, Sachs &
Co., and Wells Fargo Securities are acting as joint book-running
managers for the offering. Baird and BB&T Capital Markets are acting
as co-managers for the offering.
When available, copies of the 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:
Barclays
c/o Broadridge
Financial Solutions
1155 Long Island
Avenue
Edgewood, NY
11717
(888)
603-5847
barclaysprospectus@broadridge.com
|
BofA Merrill
Lynch
222 Broadway, New
York, NY 10038
Attn: Prospectus
Department
email dg.prospectus
requests@baml.com
|
Morgan
Stanley
Attn: Prospectus
Department
180 Varick Street,
2nd Floor
New York, NY
10014
(866)
718-1649
prospectus@morganstanley.com
|
Deutsche Bank
Securities
Attn: Prospectus
Group
60 Wall
Street
New York, NY
10005-2836
(800)
503-4611
prospectus.cpdg@db.com
|
RBC Capital
Markets
Attn: Equity
Syndicate
Three World Financial
Center
200 Vesey Street, 8th
Floor
New York, New York
10281-8098
(877)
822-4089
|
Citigroup
c/o Broadridge
Financial Solutions
1155 Long Island
Avenue
Edgewood, New York
11717
Phone: (800)
831-9146
batprospectusdept@citi.com
|
Goldman, Sachs &
Co.
Attention: Prospectus
Department
200 West
Street
New York, NY
10282
(866)
471-2526
prospectus-ny@ny.email.gs.com
|
Wells Fargo
Securities
Attn: Equity
Syndicate Dept.
375 Park
Avenue
New York, New York
10152
Phone: (800)
326-5897
cmclientsupport@wellsfargo.com
|
The common units are being offered and will be sold pursuant to
an effective shelf registration statement that was previously filed
with the Securities and Exchange Commission. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy the securities described above, 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 may be made only by means of a
prospectus and related prospectus supplement.
About Summit Midstream Partners, LP
SMLP is a
growth-oriented limited partnership focused on developing, owning
and operating midstream energy infrastructure assets that are
strategically located in the core producing areas of unconventional
resource basins, primarily shale formations, in North
America. SMLP currently provides natural gas gathering,
treating and compression services pursuant to long-term, primarily
fee-based natural gas gathering agreements with our customers and
counterparties in four unconventional resource basins: (i) the
Appalachian Basin, which includes the Marcellus Shale formation in
northern West Virginia; (ii) the
Williston Basin, which includes
the Bakken and Three Forks shale formations in northwestern
North Dakota; (iii) the
Fort Worth Basin, which includes
the Barnett Shale formation in north-central Texas; and (iv) the Piceance Basin, which
includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in
western Colorado. SMLP owns and operates 804 miles of
pipeline and 182,460 horsepower of compression. SMLP is
headquartered in Dallas, TX with
regional corporate offices in Houston,
TX, Denver, CO and
Atlanta, GA.
Forward-Looking Statements
This press release
includes certain statements concerning expectations for the future
that are forward-looking within the meaning of the federal
securities laws. Forward-looking statements contain known and
unknown risks and uncertainties (many of which are difficult to
predict and beyond management's control) that may cause our actual
results in future periods to differ materially from anticipated or
projected results. An extensive list of specific material
risks and uncertainties affecting us is contained in our 2013
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 10, 2014 and as
amended and updated from time to time. Any forward-looking
statements in this press release are made as of the date of this
press release and SMLP undertakes no obligation to update or revise
any forward-looking statements to reflect new information or
events.
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SOURCE Summit Midstream Partners, LP