Summit Midstream Partners LP (NYSE: SMLP) opened a public offering of 8 million common units, representing limited partner interests, the company said March 11.
Out of this amount, 5,300,000 units were offered by Summit Midstream Partners Holdings LLC, the company noted.
A monthlong option for underwriters to purchase up to 1,200,000 additional units was granted by Summit Midstream Partners Holdings, the company said.
Net proceeds will fund part of the purchase price for a pending acquisition of Red Rock Gathering Co. LLC’s membership interests, the company said, noting that no proceeds will be received from units sold by Summit Midstream Partners Holdings.
Barclays, BofA Merrill Lynch, Morgan Stanley (NYSE: MS), Deutsche Bank Securities Inc., RBC Capital Markets, Citigroup Inc. (NYSE: C), Goldman, Sachs & Co. (NYSE: GS), and Wells Fargo Securities LLC were book-running managers, the company said.
Dallas, Texas-based Summit Midstream Partners LP develops, owns and operates midstream energy infrastructure for North American shales.
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