Summit Midstream Partners LP's Mountaineer Midstream Company, LLC Closes Marcellus Shale Acquisition

Summit Midstream Partners LP announced that it has closed the previously announced acquisition of certain natural gas gathering pipelines and compression assets located in the liquids-rich window of the Marcellus Shale Play, primarily in Doddridge County, West Virginia, from an affiliate of MarkWest Energy Partners, L.P. (MarkWest). The assets were acquired by Mountaineer Midstream Company, LLC (Mountaineer), an indirect, wholly-owned subsidiary of SMLP for $210 million in cash. The acquisition was funded with $110 million of borrowings under SMLP's revolving credit facility, approximately $98 million in proceeds from SMLP's issuance of 3,107,698 common units to Summit Midstream Partners Holdings, LLC (Summit Holdings), a wholly-owned subsidiary of Summit Midstream Partners, LLC, and approximately $2 million in proceeds from SMLP's issuance of 63,422 general partner units to Summit Midstream GP, LLC, our general partner (the General Partner). The value of the common and general partner units that were issued as partial consideration for the Mountaineer acquisition was based on the volume weighted daily average price of SMLP's common units for the five trading days prior to entry into that certain Unit Purchase Agreement, dated June 4, 2013, by and among SMLP, Summit Holdings and the General Partner.