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Summit Midstream Partners LP Prices Initial Public Offering


Thursday, 27 Sep 2012 06:47am EDT 

Summit Midstream Partners LP announced the pricing of its initial public offering of 12,500,000 common units at $20.00 per unit. The common units are expected to begin trading on the New York Stock Exchange on September 28, 2012 under the ticker symbol "SMLP." The underwriters have the option to purchase up to an additional 1,875,000 common units from the Partnership, at the same price, to cover over-allotments, if any. The offering is expected to close on or about October 3, 2012, subject to customary closing conditions. Upon conclusion of the offering, the public will own a 25.1% limited partner interest in the Partnership, or a 28.9% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units. Summit Midstream Partners, LLC will hold a 2% general partner interest and a 72.9% limited partner interest in the Partnership, or a 69.1% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units. Barclays, BofA Merrill Lynch, Morgan Stanley and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. BMO Capital Markets, Deutsche Bank Securities, RBC Capital Markets, Robert W. Baird & Co., and Janney Montgomery Scott are acting as co-managers for the offering. 

Company Quote

51.71
0.12 +0.23%
20 Aug 2014