Key Developments: Rose Rock Midstream LP (RRMS.N)

RRMS.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Rose Rock Midstream LP increases distributions on limited partner units
Thursday, 24 Jul 2014 04:20pm EDT 

Rose Rock Midstream LP:Declares cash distribution for the second quarter of 2014 of $0.535 per unit, or $2.14 per unit on an annualized basis.This distribution represents an increase of about eight pct over prior quarter's distribution of $0.495 per unit.Distribution will be paid on Aug. 14, 2014 to all unitholders of record on Aug. 04, 2014.  Full Article

Rose Rock Midstream LP announces pricing of $400 mln of 5.625 pct senior notes
Friday, 27 Jun 2014 09:30am EDT 

Rose Rock Midstream LP:Pricing of an offering of $400 mln in aggregate principal amount of senior unsecured notes due 2022 for sale in a private placement to eligible purchasers.5.625 pct notes will mature on July 15, 2022 and are being issued at par.Rose Rock anticipates that consummation of offering will occur on July 2, 2014.Intends to use net proceeds to repay amounts borrowed under Rose Rock's revolving credit facility and general partnership purposes.  Full Article

Rose Rock Midstream LP closed transaction to acquire transportation assets from Chesapeake
Tuesday, 24 Jun 2014 08:41am EDT 

Rose Rock Midstream LP:Says that it has closed the transaction to acquire crude oil trucking assets from subsidiary of Chesapeake Energy Corporation.  Full Article

Rose Rock Midstream LP announces proposed private offering of senior notes
Monday, 23 Jun 2014 04:36pm EDT 

Rose Rock Midstream LP:Intends to offer, along with Rose Rock Finance Corporation, subject to market and other conditions, $350 mln in aggregate principal amount of senior unsecured notes due 2022 (the Notes) for sale in a private placement to eligible purchasers.Intend to use the net proceeds of this offering to repay revolver borrowings and for general partnership purposes.  Full Article

Rose Rock Midstream LP raises FY 2014 EBITDA guidance
Monday, 23 Jun 2014 04:33pm EDT 

Rose Rock Midstream LP:Updates FY 2014 adjusted EBITDA guidance range to between $115 and $120 million compared to the previous $92 to $97 million, reflecting the impact of recent acquisitions as well as higher volumes on existing business.FY 2014 EBITDA of $109 million - Thomson Reuters I/B/E/S.  Full Article

Rose Rock Midstream LP completes acquisition of additional interest in White Cliffs Pipeline from Semgroup Corporation
Monday, 23 Jun 2014 04:33pm EDT 

Rose Rock Midstream LP:Says that Rose Rock has acquired from SemGroup remaining one-third interest in SemCrude Pipeline, L.L.C., which owns 51 percent interest in White Cliffs Pipeline L.L.C. for $300 mln.Rose Rock owns 100 percent interest in SemCrude Pipeline and indirectly owns 51 percent interest in White Cliffs Pipeline.Acquisition will be immediately accretive to Rose Rock's distributable cash flow on a per unit basis and was funded with about $114.4 mln of cash borrowings under Rose Rock's revolving credit facility.Also funded with about $120.0 mln of equity from issuance of 2.4 mln common units to SemGroup and $61.9 mln of equity from the issuance of 1.25 mln Class A units to SemGroup.Class A units will not receive any distributions, but are convertible into common units on a one-for-one basis once White Cliffs Pipeline achieves an average monthly volume of 125,000 barrels per day.SemGroup gains increased distributions from Rose Rock for the limited partner common units it received as consideration for the transaction.Increased distributions from Rose Rock will support SemGroup's dividend growth strategy.  Full Article

Rose Rock Midstream to acquire transportation assets from Chesapeake
Thursday, 5 Jun 2014 07:45am EDT 

Rose Rock Midstream LP:Executes definitive agreement to acquire crude oil trucking assets from subsidiary of Chesapeake Energy Corp.Transaction is expected to close during the second quarter of 2014.  Full Article

Rose Rock Midstream LP reaffirms FY 2014 EBITDA outlook
Thursday, 8 May 2014 04:15pm EDT 

Rose Rock Midstream LP:Reaffirms FY 2014 adjusted EBITDA of $92 - $97 mln.  Full Article

Rose Rock Midstream LP increases distributions
Thursday, 24 Apr 2014 04:20pm EDT 

Rose Rock Midstream LP:Declares a cash distribution for the first quarter of 2014 of $0.495 per unit, or $1.98 per unit on an annualized basis.Distribution represents an increase of about 6.5pct over the prior quarter's distribution.Payable on May 15 to all unitholders of record on May 5.  Full Article

Semgroup Corp and Rose Rock Midstream LP name Carlin G. Conner as president and chief executive officer
Thursday, 6 Mar 2014 04:16pm EST 

Semgroup Corp and Rose Rock Midstream LP:Carlin G. Conner has been named president and chief executive officer of SemGroup, effective April 1, 2014.Conner will be appointed to the SemGroup board of directors and will also become president and chief executive officer of Rose Rock Midstream and chairman of the board of directors of Rose Rock Midstream's general partner.  Full Article

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