Follow-On Offering

Energy
Follow-On Offering

Summary

Baird served as a co-manager on this offering

About

Summit Midstream Partners, LP (“Summit Midstream Partners” or the “Partnership”) (NYSE: SMLP) recently completed a follow-on offering of 10,350,000 common units at a price of $38.75 per unit, generating gross proceeds of approximately $401.1 million. Summit Midstream Partners offered 5,300,000 common units and Summit Partners Holdings, LLC offered 5,050,000 common units. The Partnership intends to use the net proceeds from this offering to fund a portion of the purchase price of its pending acquisition of all of the issued and outstanding membership interests in Red Rock Gathering Company, LLC. The Partnership will not receive any proceeds from the common units sold by Summit Partners Holdings, LLC.

Summit Midstream Partners is a growth-oriented limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America. The Partnership currently provides natural gas gathering, treating and compression services pursuant to long-term, primarily fee-based natural gas gathering agreements with its customers and counterparties in four unconventional resource basins: (i) the Appalachian Basin, which includes the Marcellus formation in northern West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas; and (iv) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in western Colorado. The Partnership owns and operates 804 miles of pipeline and 182,460 horsepower of compression. Summit Midstream Partners is headquartered in Dallas, Texas.

For additional information about this transaction, please contact:

Frank Murphy (314) 445-6532
Curtis Goot (314) 445-6540
Jim Penilla (314) 445-6536
Gary Placek (414) 765-3611
Energy
Follow-On Offering
Date
March 2014
Company
Summit Midstream Partners, LP
Transaction
M&A
Sectors
Energy
Target Location
North America

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