Summit Midstream Partners LP announced the pricing of its initial public offering of 12,500,000 common units at $20.00 per unit. The common units are expected to begin trading on the NYSE on Sept. 28, 2012, under the ticker symbol "SMLP."
The underwriters have the option to purchase up to an additional 1,875,000 common units from the partnership, at the same price, to cover over-allotments, if any. The offering is expected to close on or about Octo. 3, 2012.
Upon conclusion of the offering, the public will own a 25.1% limited partner interest in the partnership, or a 28.9% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.
Summit Midstream Partners LLC will hold a 2% general partner interest and a 72.9% limited partner interest in the partnership, or a 69.1% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.
Barclays, BofA Merrill Lynch, Morgan Stanley and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. BMO Capital Markets, Deutsche Bank Securities, RBC Capital Markets, Robert W. Baird & Co., and Janney Montgomery Scott are acting as co-managers for the offering.
Recommended Reading
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
Midstream Operators See Strong NGL Performance in Q4
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
Enterprise Gains Deepwater Port License for SPOT Offshore Texas
2024-04-09 - Enterprise Products Partners’ Sea Port Oil Terminal is located approximately 30 nautical miles off Brazoria County, Texas, in 115 ft of water and is capable of loading 2 MMbbl/d of crude oil.
TC Energy's Keystone Oil Pipeline Offline Due to Operational Issues, Sources Say
2024-03-07 - TC Energy's Keystone oil pipeline is offline due to operational issues, cutting off a major conduit of Canadian oil to the U.S.