DALLAS, March 17, 2014 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) today announced that it has closed its
previously announced underwritten public offering of common
units. Including the option to purchase an additional
1,350,000 common units, which was exercised in full by the
underwriters, 10,350,000 common units, consisting of 5,300,000
common units offered by SMLP and 5,050,000 common units offered by
Summit Midstream Partners Holdings, LLC ("SMP Holdings"), were sold
at a price of $38.75 per
unit.
Total net proceeds from the offering, after deducting
underwriting discounts and commissions and estimated offering
expenses, were approximately $387.1
million, of which SMLP received approximately $198.1 million and SMP Holdings received
approximately $189.0 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 Red Rock
Gathering Company, LLC ("Red
Rock"). SMLP did 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 acted as joint book-running
managers for the offering. Baird and BB&T Capital Markets acted as
co-managers for the offering.
A copy of the prospectus supplement and accompanying base
prospectus related 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
|
BofA Merrill Lynch
|
c/o Broadridge Financial Solutions
|
222 Broadway, New York, NY
10038
|
1155 Long Island Avenue
|
Attn: Prospectus Department
|
Edgewood, NY 11717
|
email
dg.prospectus_requests@baml.com
|
(888) 603-5847
|
|
barclaysprospectus@broadridge.com
|
|
|
|
Morgan
Stanley
|
Deutsche Bank Securities
|
Attn: Prospectus Department
|
Attn: Prospectus Group
|
180 Varick Street, 2nd
Floor
|
60 Wall Street
|
New York, NY 10014
|
New York, NY 10005-2836
|
(866) 718-1649
|
(800) 503-4611
|
prospectus@morganstanley.com
|
prospectus.cpdg@db.com
|
|
|
RBC Capital Markets
|
Citigroup
|
Attn: Equity Syndicate
|
c/o Broadridge Financial Solutions
|
Three World Financial Center
|
1155 Long Island Avenue
|
200 Vesey Street, 8th Floor
|
Edgewood, New York 11717
|
New York, New York 10281-8098
|
Phone: (800) 831-9146
|
(877) 822-4089
|
batprospectusdept@citi.com
|
|
|
Goldman, Sachs & Co.
|
Wells Fargo Securities
|
Attention: Prospectus Department
|
Attn: Equity Syndicate Dept.
|
200 West Street
|
375 Park Avenue
|
New York, NY 10282
|
New York, New York 10152
|
(866) 471-2526
|
Phone: (800) 326-5897
|
prospectus-ny@ny.email.gs.com
|
cmclientsupport@wellsfargo.com
|
|
|
The common units were offered and 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