Rice Midstream Partners LP priced a private placement of about 20.93 million common units representing limited partner interests for about $450 million in gross proceeds, the company said Sept. 30.
Part of the net proceeds will support the acquisition of midstream assets associated with Rice Energy Inc.’s (NYSE: RICE) acquisition of Vantage Energy LLC and Vantage Energy II LLC. The remaining net proceeds will support general partnership purposes including any future dropdowns.
The private placement is scheduled to close on Oct. 7.
Barclays and Wells Fargo Securities were placement agents.
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