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


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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