Summit Midstream Partners LP said May 28 that underwriters exercised and closed their option to purchase 975,000 additional notes in the public offering of 6.5 million common units. The offering closed May 13.
There were about $226.9 million in net proceeds after underwriting fees and other fees, including the general partner’s $4.7 million contribution, were deducted. The proceeds funded part of the purchase price of its acquisition of Polar Midstream LLC and Epping Transmission Co. LLC membership interests.
Proceeds from the underwriters' purchase will support general partnership purposes, including debt payment.
Barclays, BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley, Wells Fargo Securities LLC, Baird, Citigroup, Deutsche Bank Securities Inc. and RBC Capital Markets are joint book-running managers. BB&T Capital Markets and U.S. Capital Advisors are co-managers.
Summit Midstream Partners LP is based in The Woodlands, Texas.
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