Summit Subsidiary Pays $305M For Gas Co. In Drop Down

Law360, New York (March 11, 2014, 4:03 PM EDT) -- A Summit Midstream Partners LP wholly-owned subsidiary has agreed to purchase a Colorado and Utah natural gas gathering company for $305 million in a drop down deal from a subsidiary of the affiliated, private equity-backed Summit Midstream Partners LLC, SMLP said Monday.

Dallas-based SMLP said Grand River Gathering LLC has agreed to purchase 100 percent of the equity in Red Rock Gathering Company LLC using about $110 million in financing from a SMLP credit facility, with the difference being funded through a public offering of SMLP...
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