Summit Midstream Partners LP (SMLP) announced the pricing of an underwritten public offering of 4,347,826 common units representing limited partner interests at a public offering price of $53.88 per unit. The common units are owned by Summit Midstream Partners Holdings LLC (SMP Holdings), which is a wholly owned direct subsidiary of SMLP’s sponsor, Summit Midstream Partners LLC.
The offering was upsized from the previously announced 4 million common units. SMP Holdings granted the underwriters a 30-day option to purchase up to 652,174 additional common units at the public offering price. The offering is set to close on Sept. 9, subject to customary closing conditions.
SMLP will not receive any net proceeds from this offering and the number of its outstanding common units will not change. The common units in the public offering are being offered and will be sold pursuant to an effective shelf registration of Form S-3 previously filed with the U.S. Securities and Exchange Commission. BofA Merrill Lynch, Barclays, Citigroup, Morgan Stanley, Baird, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering. BB&T Capital Markets and U.S. Capital Advisors are acting as co-managers for the offering.
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