Seeking Alpha

Summit Midstream buys Red Rock Gathering for $305M, to offer 8M units

  • Summit Midstream Partners (SMLP) announces a public offering of 8M common units, with 5.3M units offered by SMLP and 2.7M by SMP Holdings.
  • SMLP plans to use the proceeds from the offering to fund a portion of the pending $305M acquisition of Red Rock Gathering, a natural gas gathering and processing system located in the Piceance Basin in Colorado and Utah.
  • SMLP will not receive any proceeds from the units sold by SMP Holdings.
  • SMLP -1.2% AH.
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