Rice Midstream Partners prices private placement of common units

Rice Midstream Partners LP (NYSE: RMP) has priced a private placement of  20,930,233 common units representing limited partner interests for gross proceeds of approximately $450 million. The closing of the private placement is expected to occur on October 7, 2016, subject to certain customary closing conditions.

Rice Midstream Partners intends to use a portion of the net proceeds from the private placement to fund a portion of the acquisition from Rice Energy Inc. of the midstream assets associated with Rice Energy's previously announced acquisition of Vantage Energy LLC and Vantage Energy II LLC. The remaining net proceeds will be used for general partnership purposes, including potential future drop down acquisitions from Rice Energy. The private placement is not conditioned on the consummation of the acquisition, and there can be no assurance the acquisition will be completed.

Barclays and Wells Fargo Securities acted as placement agents for the transaction.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...