Summit Midstream Partners, a provider of natural gas gathering and compression services backed by energy infrastructure-focused buyout firm Energy Capital Partners and GE Energy Financial Services, has priced its IPO at $20 per share.
The Dallas-based company, which counts energy giant Chesapeake as one of its clients, said it has priced 12.5 million common shares in the mid-point of its expected price range of $19 to $21 each – which could raise up to $250m.
The proceeds from the IPO will be used to pay down debt, the company said.
BarCap, BofA Merrill Lynch, Goldman Sachs and Morgan Stanley are underwriting the offering.
Energy Capital Partners set up Summit Midstream Partners in September 2009 as a platform to acquire and develop a portfolio of North American midstream energy infrastructure assets.
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