Summit Midstream Partners launches IPO

Summit Midstream Partners

Summit Midstream Partners LP, a Delaware limited partnership, has commenced an initial public offering of 12,500,000 common units representing limited partner interests in the partnership. The underwriters will be granted a 30-day option to purchase up to an additional 1,875,000 common units. The common units will be listed on the New York Stock Exchange and traded under the symbol "SMLP".

The common units being offered to the public represent 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.

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