Summit Midstream Partners LP (NYSE: SMLP) has priced its underwritten public offering of 6,500,000 common units representing limited partner interests in SMLP at a public offering price of $30.75 per common unit.
The underwriters have been granted a 30-day option to purchase up to an additional 975,000 common units, less the underwriting discount. The offering is scheduled to close on May 13.
SMLP intends to use the net proceeds from this offering to fund a portion of the purchase price of its pending acquisition of all of the issued and outstanding membership interests in Polar Midstream LLC and Epping Transmission Co. LLC. If the acquisition is not consummated for any reason, SMLP intends to use the net proceeds from the offering for general partnership purposes, including the repayment of borrowings under its revolving credit facility.
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.