Rice Energy Inc. disclosed late Tuesday the terms of a previously announced $500 million equity investment, revealing that the institutional investment firm EIG Global Energy Partners (EIG) would provide $375 million up front for a stake in the company’s midstream assets in Ohio and Pennsylvania (see Shale Daily, Dec. 21, 2015).
Now that the deal is complete, the funds would help provide the company with more flexibility during the downturn to grow its midstream business in Ohio’s Utica Shale. A larger portion of the investment would go toward funding the producer’s 2016 budget, helping it to pay for operations without incurring any debt.
EIG provided the $375 million in exchange for preferred equity in Rice Midstream Holdi…
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