Rice Energy Inc. (NYSE: RICE) reports that its wholly owned subsidiary, Rice Midstream Partners LP, has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with its proposed initial public offering of common units representing limited partner interests.
Rice Midstream's initial assets are expected to consist of the company's Pennsylvania natural gas gathering systems and related compression assets.
The number of common units to be offered and the price range for the offering have not been determined. Rice Midstream intends to apply for a listing of the common units on the New York Stock Exchange under the symbol "RMP." Rice Energy will own the general partner of Rice Midstream and all of its incentive distribution rights and expects to retain a majority of Rice Midstream's common and subordinated units representing limited partner interests.
Barclays Capital Inc. will act as book running manager for the proposed offering.