December 8, 2011 / 11:41 PM / 8 years ago

UPDATE 1-Rose Rock Midstream prices IPO at midpoint of range

* IPO of 7 mln common units priced at $20/unit

* Barclays Capital, Citigroup and Deutsche Bank Securities joint book-running managers for IPO (Follows alerts)

Dec 8 (Reuters) - Rose Rock Midstream LP RRMS.N, a limited partnership formed by SemGroup Corp (SEMG.N), priced its initial public offering at $20 per unit, the mid-point of its expected range.

Rose Rock, which was formed by SemGroup to own, operate, develop and acquire a diversified portfolio of midstream energy assets, sold 7 million common units in the offering, raising $140 million in proceeds.

Barclays Capital, Citigroup and Deutsche Bank Securities are joint book-running managers for the IPO.

The common units offered to the public represent about 40.9 percent limited partner interest in Rose Rock Midstream, with SemGroup indirectly owning the remaining equity interests in the company.

Rose Rock was recently at the centre of a bidding war between Plains All American Pipeline (PAA.N) and SemGroup, with Plains urging SemGroup to defer the IPO saying it would reduce the value available to shareholders in a sale of SemGroup. [ID:nL3E7MG24X]

Tulsa, Oklahoma-based Rose Rock intends to use the proceeds from the offering to make a cash distribution to SemGroup. (Reporting by Brenton Cordeiro in Bangalore)

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