DENVER, Sept. 4, 2013 /PRNewswire/ -- QEP Midstream Partners, LP ("QEPM" or the "Partnership") today announced that the underwriters of its recently completed initial public offering have purchased an additional 3,000,000 common units, representing limited partner interests in the Partnership, at a price to the public of $21.00 per common unit, pursuant to the exercise of the option to purchase up to an additional 3,000,000 common units granted to the underwriters. QEPM's initial public offering of 20,000,000 common units closed on August 14, 2013. The common units trade on the New York Stock Exchange under the ticker symbol "QEPM."
Net proceeds received by the Partnership from the sale of the additional common units were approximately $58.9 million in the aggregate, after deducting underwriting discounts and commissions and expenses. The Partnership used the net proceeds of approximately $58.9 million to redeem 3,000,000 common units held by an affiliate of QEP Resources, Inc. ("QEP"). The public now owns an approximate 42.2% limited partner interest in the Partnership. QEP, through certain of its subsidiaries, holds, a 2.0% general partner interest, all of the Partnership's incentive distribution rights and an approximate 55.8% limited partner interest in the Partnership.
Wells Fargo Securities, Morgan Stanley, Citigroup, Deutsche Bank Securities and J.P. Morgan acted as joint book-running managers for the offering; Goldman, Sachs & Co. acted as a senior co-manager and BMO Capital Markets, SunTrust Robinson Humphrey, BB&T Capital Markets, CIBC, Mitsubishi UFJ Securities, Piper Jaffray, TD Securities and Janney Montgomery Scott acted as co-managers for the offering.
The initial public offering of common units was made only by means of a prospectus. A written prospectus, which meets the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained through:
Wells Fargo Securities
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Telephone: (800) 326-5897
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Deutsche Bank Securities
Attn: Prospectus Group
60 Wall Street, New York, NY 10005-2836
via Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (866) 803-9204
To obtain a copy of the prospectus free of charge, visit the U.S. Securities and Exchange Commission's ("SEC") website, www.sec.gov, and search under the registrant's name, "QEP Midstream Partners, LP."
A registration statement relating to these securities has been filed with, and declared effective by, the SEC. The registration statement is available on the SEC's website at www.sec.gov under the registrant's name, "QEP Midstream Partners, LP." This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About QEP Midstream Partners, LP:
QEP Midstream Partners, LP is a master limited partnership formed by QEP Resources, Inc. to own, operate, acquire and develop midstream assets. The Partnership provides midstream gathering services to QEP and third-party companies in the Green River, Uinta and Williston basins.
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as "possible," "if," "will" and "expect" and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Neither QEP nor QEPM undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which QEP or QEPM becomes aware, after the date hereof.
QEP Midstream Partners, LP
Director, Investor Relations
SOURCE QEP Midstream Partners, LP