Michael Fitzsimmons • 15 Comments
Tue, May 31, 8:30 AM
- SemGroup (NYSE:SEMG) agrees to acquire Rose Rock Midstream (NYSE:RRMS) in a stock-for-unit transaction at a ratio of 0.8136 in SEMG shares per RRMS share.
- SEMG says the implied RRMS unit price represents a 7.4% and 19.2% premium to its volume-weighted average prices during the 10-trading days and 20-trading days ending May 27.
- Following completion of the deal, SEMG says it is targeting an 8% compound annual dividend growth rate and dividend coverage of 1.5x or greater through 2018.
Feb. 9, 2015, 4:38 PM
- Rose Rock Midstream (NYSE:RRMS) agrees to acquire the remaining crude oil assets of SemGroup Corporation (NYSE:SEMG) for $325M in cash and 1.75M RRMS units.
- The assets include the Wattenberg Oil Trunkline System, a 75-mile crude oil pipeline in the Denver-Julesberg Basin, and SEMG's 50% interest in the Glass Mountain Pipeline, a 210-mile crude oil pipeline system originating in the Granite Wash and Mississippi Lime plays.
- To help fund the deal, RRMS says it is launching a public offering of 2M common units, with an underwriters option to purchase up to an additional 300K units.
Jan. 9, 2013, 9:23 AM
Rose Rock Midstream (RRMS) agrees to acquire a one-third interest in White Cliffs Pipeline from SemGroup (SEMG) for ~$274M. White Cliffs is a 527-mile crude oil pipeline system that originates in Colorado and terminates in Cushing, Okla.; it has a current capacity of 70K bbl/day and plans to expand to 150K bbl/day by H1 2014.| Jan. 9, 2013, 9:23 AM