Rice Energy Inc. announced the commencement of the Rice Midstream Partners LP IPO of 25 million common units representing limited partner interests. The offering has an anticipated price between $19 and $21 per common unit, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission (SEC). Rice Midstream will grant the underwriters a 30-day option to purchase up to an additional 3.75 million common units. Rice Midstream has been approved to list its common units on the New York Stock Exchange under the symbol “RMP,” subject to official notice of issuance.
The common units offered represent about a 43.5% limited partner interest in Rice Midstream, or about 50% if the underwriters exercise in full their option to purchase additional common units. Rice Energy and its affiliates will own the remaining 56.5% limited partner interest in Rice Midstream, or 50% if the underwriters exercise in full their option to purchase additional common units. Rice Energy will own the general partner of Rice Midstream and all of its incentive distribution rights.
Barclays, Citigroup, Wells Fargo Securities, Goldman, Sachs & Co. and RBC Capital Markets are acting as joint book-running managers for the offering. A registration statement related to these securities was filed with the SEC but has not yet become effective.