Rice Midstream Partners LP (RMP) IPO Opens Modestly Lower

Today's IPO for Rice Midstream Partners LP (NYSE: RMP) opened for trading at $16.16 per unit after pricing 25,000,000 common units representing limited partner interests at $16.50 per common unit.

Upon conclusion of the offering, the public will own an approximate 43.5% limited partner interest in Rice Midstream (or approximately 50.0% if the underwriters exercise in full their option to purchase additional common units). Rice Energy (NYSE: RICE) and its affiliates will own the remaining approximately 56.5% limited partner interest in Rice Midstream (or approximately 50.0% if the underwriters exercise in full their option to purchase additional common units). Rice Energy will own the general partner of Rice Midstream and all of its incentive distribution rights.

Barclays, Citigroup, Wells Fargo Securities, Goldman, Sachs & Co. and RBC Capital Markets are acting as joint book-running managers for the offering.

Rice Midstream Partners LP is a limited partnership formed to own, operate, develop and acquire midstream assets in the Appalachian Basin.

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