CANONSBURG, Pa., Dec. 22, 2014 /PRNewswire/ -- Rice Energy Inc. (NYSE:RICE) ("Rice Energy") today announced the completion of the Rice Midstream Partners LP (NYSE: RMP) ("Rice Midstream") initial public offering of 28,750,000 common units representing limited partner interests at a price to the public of $16.50 per common unit, including the exercise in full by the underwriters' option to purchase an additional 3,750,000 common units. Rice Energy and the public each own an approximate 50.0% limited partner interest in Rice Midstream.

Rice Midstream intends to use the net proceeds of $441.6 million to make a $413.9 million distribution to Rice Energy, including a $195.3 million reimbursement for capital expenditures incurred on Rice Midstream's behalf, to fund $25.0 million of Rice Midstream's 2015 expansion capital expenditures, and to pay approximately $2.7 million of origination fees related to Rice Midstream's new revolving credit facility.

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

In addition, on December 22, 2014, each of Rice Midstream Holdings LLC ("Rice Holdings"), a wholly-owned subsidiary of Rice Energy formed to hold the retained midstream assets of Rice Energy, and Rice Midstream have entered into new revolving credit facilities to provide additional capital for midstream investments. Rice Midstream has entered into a $450.0 million revolving credit facility to fund gas gathering and compression capital expenditures in Pennsylvania. Rice Holdings has entered into a $300.0 million revolving credit facility to fund development for Ohio gas gathering and compression assets and water sourcing and distribution assets in Pennsylvania and Ohio.

About Rice Midstream

Rice Midstream Partners LP is a limited partnership formed to own, operate, develop and acquire midstream assets in the Appalachian Basin. For more information, please visit www.ricemidstream.com.

About Rice Energy

Rice Energy Inc. is an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties in the Appalachian Basin. For more information, please visit www.riceenergy.com.

Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Rice Energy's and Rice Midstream's control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although Rice Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.

This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties. Rice Midstream's business and any offering may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond Rice Midstream's control. These factors include, but are not limited to, changes to business plans as circumstances warrant. For a full discussion of these risks and uncertainties, please refer to the "Risk Factors" section of the prospectus. Rice Midstream refers you to that discussion for further information.

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SOURCE Rice Energy Inc.