Summit Midstream Partners LP (NYSE: SMLP) closed its previously announced, underwritten public offering of common units, the company said March 17.
In the offering, 10, 350,000 common units were sold—5,300,000 by Summit Midstream Partners, and 5,050,000 common units by Summit Midstream Partners Holdings LLC —at $33.75 each, Summit Midstream Partners said.
Total proceeds, of about $387.1 million, were split between Summit Midstream Partners and Summit Midstream Partners Holdings, the company added, noting that Summit Midstream Partners received about $198.1 million, and that SMP Holdings received about $189 million.
Summit Midstream Partners will use the proceeds to fund a portion of the purchase price of its pending acquisition of Red Rock Gathering Co. LLC ’s membership interests, the company said.
Summit Midstream did not receive any proceeds from common units sold by SMP Holdings, the company added.
Barclays, BofA Merrill Lynch , Morgan Stanley (NYSE: MS), Deutsche Bank Securities Inc ., RBC Capital Markets , Citigroup Inc . (NYSE: C), Goldman, Sachs & Co . (NYSE: GS), and Wells Fargo Securities LLC were joint book-running managers, the company said, noting that Baird and BB&T Capital Markets were co-managers.
Dallas, Texas-based Summit Midstream Partners LP develops, owns and operates midstream energy infrastructure for North American shales.