Rice Midstream draws on revolving facility to fund water services buy

By Tali Rackner

Norfolk, Va., Nov. 5 – Rice Midstream Partners LP used borrowings under its revolving credit facility to fund its purchase of the water services business of Rice Energy Inc.’s wholly owned subsidiary, Rice Midstream Holdings LLC, according to a press release.

The total purchase price was $200 million plus a $25 million earn out to be paid upon achievement of certain increases in connected water sources.

Rice Midstream is a fee-based, growth-oriented limited partnership formed by Rice Energy to own, operate, develop and acquire midstream assets in the Appalachian Basin. Rice Energy is an oil and gas company based in Canonsburg, Pa.

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