QEP Midstream Partners, LP QEPM 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.
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