September 28, 2012 / 12:05 AM / 5 years ago

Summit Midstream IPO priced at $20 a share

(Reuters) - Summit Midstream Partners LP, a provider of natural gas and compression services, said it priced its IPO of 12.5 million common shares at $20 each, raising up to $250 million.

The pricing is in mid-point of the company’s expected price range of $19 to $21 per share.

The company, which is owned by GE Energy Financial Services and energy infrastructure-focused private equity firm Energy Capital Partners, said the proceeds from the IPO would be used to repay debt.

    The Dallas-based company, which counts Encana Corp (ECA.TO) and Chesapeake Energy Corp (CHK.N) among its customers, posted a profit of $16.7 million on revenue of $75.9 million for the six months ended June 30.

    Summit Midstream, which filed for the IPO in August with the U.S. regulator, plans to list its common units on New York Stock Exchange under the symbol “SMLP.”

    Barclays Capital, BofA Merrill Lynch, Goldman Sachs and Morgan Stanley are lead underwriters to the offering.

    Texas-based energy companies such as Energy & Exploration Partners Inc and Alon USA Partners LP have also filed registration statements with U.S. regulators.

    Reporting by Avik Das in Bangalore. Editing by Andre Grenon

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