Summit Midstream to price $300 million eight-year notes Wednesday

By Paul A. Harris

Portland, Ore., July 9 – Summit Midstream Partners, LP plans to price a $300 million offering of eight-year notes (expected ratings B3/B) Wednesday following a late-morning investor conference call, according to a market source.

Deutsche Bank Securities Inc., RBC Capital Markets, RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners for the public offering.

BBVA, BMO Capital Markets, BofA Merrill Lynch, ING, Regions Securities LLC and SunTrust Robinson Humphrey Inc. are the senior co-managers.

Capital One Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko are the co-managers.

The notes come with three years of call protection.

The Dallas-based limited partnership plans to use the proceeds to pay down its revolver.

The issuing entities will be Summit Midstream Holdings, LLC, a wholly owned subsidiary of Summit Midstream Partners, and Summit Midstream Finance Corp., a wholly owned subsidiary of Summit Midstream Holdings.

Summit Midstream Partners focuses on developing, owning and operating midstream energy infrastructure.

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