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

|About: Summit Midstream Partners (SMLP)|By:, SA News Editor

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.