Summit Midstream Partners LP (SMLP) announced the pricing of an underwritten public offering of 4,347,826 common units representing limited partner interests at a public offering price of $53.88 per unit. The common units are owned by Summit Midstream Partners Holdings LLC (SMP Holdings), which is a wholly owned direct subsidiary of SMLP’s sponsor, Summit Midstream Partners LLC.
The offering was upsized from the previously announced 4 million common units. SMP Holdings granted the underwriters a 30-day option to purchase up to 652,174 additional common units at the public offering price. The offering is set to close on Sept. 9, subject to customary closing conditions.
SMLP will not receive any net proceeds from this offering and the number of its outstanding common units will not change. The common units in the public offering are being offered and will be sold pursuant to an effective shelf registration of Form S-3 previously filed with the U.S. Securities and Exchange Commission. BofA Merrill Lynch, Barclays, Citigroup, Morgan Stanley, Baird, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering. BB&T Capital Markets and U.S. Capital Advisors are acting as co-managers for the offering.
Recommended Reading
Chesapeake Stockpiles DUCs as Doubts Creep in Over Southwestern Deal
2024-05-02 - Chesapeake Energy is stockpiling DUCs until demand returns through growth from LNG exports, power generation and industrial activity.
WTI Delivered to East Houston Hits Highest Premium in Nearly Three Years
2024-05-01 - Oil takeaway capacity from the Permian Basin will tighten next month due to scheduled pipeline maintenance.
CPS Closes $785MM Deal for Talen Energy’s Texas NatGas Plants
2024-05-01 - CPS Energy has acquired all assets associated with the 897-MW Barney Davis and 635-MW Nueces Bay natural gas plants in Corpus Christi, Texas, and the 178-MW natural gas plant in Laredo, Texas.
Wirth: Chevron Won’t Put ‘New Capital into Venezuela’
2024-05-01 - California-based Chevron Corp. doesn’t plan on allocating more capex into its operations in Venezuela even though it still has U.S. approval to operate there, despite Washington sanctions.
Tinker Associates CEO on Why US Won’t Lead on Oil, Gas
2024-02-13 - The U.S. will not lead crude oil and natural gas production as the shale curve flattens, Tinker Energy Associates CEO Scott Tinker told Hart Energy on the sidelines of NAPE in Houston.