DALLAS, July 15, 2014 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) today announced that it has
closed the previously announced offering by its wholly owned
subsidiary, Summit Midstream Holdings, LLC ("Summit Holdings") and
Summit Holdings' wholly owned subsidiary, Summit Midstream Finance
Corp. ("Finance Corp." and, together with Summit Holdings, the
"Issuers") of $300 million aggregate
principal amount of senior unsecured notes due 2022 (the "notes").
The notes were issued at par and bear interest at 5½% per annum,
payable semi-annually in arrears, beginning on February 15, 2015.
Total net proceeds from the offering, after deducting
underwriting discounts and commissions and estimated offering
expenses, were approximately $295.2
million. Summit Holdings will use the net proceeds from this
offering to repay a portion of the outstanding borrowings under its
revolving credit facility.
Deutsche Bank Securities, RBC Capital Markets, RBS and Wells
Fargo Securities acted as joint book-running managers for the
offering. BBVA, BMO Capital Markets, BofA Merrill Lynch, ING,
Regions Securities LLC and SunTrust Robinson Humphrey acted as
senior co-managers for the offering. Capital One Securities, Credit
Agricole CIB, PNC Capital Markets LLC and SMBC Nikko acted as
co-managers for the offering.
Copies 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:
Deutsche Bank
Securities Inc.
Attn: Prospectus
Group
60 Wall
Street
New York, NY
10005-2836
(800)
503-4611
prospectus.cpdg@db.com
|
RBC Capital Markets,
LLC
Three World Financial
Center
200 Vesey Street,
10th Floor
New York, New York
10281-8098
(877)
822-4089
|
RBS Securities
Inc.
Attn: High Yield Debt
Capital Markets Syndicate
600 Washington
Boulevard
Stamford, Connecticut
06901
(866)
884-2071
|
Wells Fargo
Securities, LLC
Attn: Capital Markets
Client Support
1525 West W.T. Harris
Blvd.
Charlotte, North
Carolina 28262
Phone: (800)
326-5897
cmclientsupport@wellsfargo.com
|
The notes were offered and sold pursuant to an effective shelf
registration statement on Form S-3 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 processing services pursuant to long-term, primarily
fee-based natural gas gathering and processing 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 and eastern
Utah. SMLP owns and operates 2,294 miles of pipeline and
239,800 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 SMLP's actual results in future periods to differ materially
from anticipated or projected results. An extensive list of
specific material risks and uncertainties affecting SMLP is
contained in its 2013 Annual Report on Form 10-K as updated by our
Current Report on Form 8-K filed with the Securities and Exchange
Commission on July 3, 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