Summit Midstream Partners LP (NYSE: SMLP) confirms that the underwriters of its public offering of 6,500,000 common units, which closed on May 13, have exercised and closed their option to purchase an additional 975,000 common units.
The total net proceeds from the offering of an aggregate of 7,475,000 common units, after deducting underwriting and other fees, will be approximately $226.9 million, including the general partner's proportionate capital contribution of approximately $4.7 million. SMLP used the net proceeds from the offering to fund a portion of the purchase price of its acquisition of all of the issued and outstanding membership interests in Polar Midstream LLC and Epping Transmission Co. LLC. SMLP will use the proceeds from the underwriters' purchase of the additional 975,000 common units for general partnership purposes, including the repayment of debt.
Barclays, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, Wells Fargo Securities, Baird, Citigroup, Deutsche Bank Securities, and RBC Capital Markets are acting as joint book-running managers for the offering. BB&T Capital Markets and US Capital Advisors are acting as co-managers for the offering.