13,409,961 units sold at $13.05; company gets water services business
By Devika Patel
Knoxville, Tenn., Nov. 5 – Rice Midstream Partners LP said it will raise $175 million in a private placement of common units that priced on Nov. 4.
The company will sell 13,409,961 common units at $13.05 per unit. The price per unit is a 4.4% discount to the Nov. 3 closing share price of $13.65.
Settlement is expected Nov. 10.
The company also said that it has acquired the water services business of Rice Energy Inc.’s subsidiary, Rice Midstream Holdings LLC, for $200 million at closing plus a $25 million earn out to be paid upon achievement of certain increases in connected water sources.
Rice Midstream is a fee-based, growth-oriented limited partnership formed by Rice Energy to own, operate, develop and acquire midstream assets in the Appalachian Basin. Rice Energy is an oil and gas company based in Canonsburg, Pa.
| Issuer: | Rice Midstream Partners LP
|
| Issue: | Common units
|
| Amount: | $175 million
|
| Units: | 13,409,961
|
| Price: | $13.05
|
| Warrants: | No
|
| Pricing date: | Nov. 4
|
| Settlement date: | Nov. 10
|
| Stock symbol: | NYSE: RMP
|
| Stock price: | $13.65 at close Nov. 3
|
| Market capitalization: | $881.17 million
|
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