Rice Energy Inc. - 2016-02-22

Completed equity investment into Rice Midstream Holdings LLC in exchange for $375 million of Series B Units in RMH and common units representing an 8.25% limited partner interest in Rice Midstream GP Holdings LP subsidiary that holds Rice Midstream Partners LP units and distribution rights. EIG Global Energy Partners made investment on behalf of EIG managed funds. RMH will use about $75 million of the proceeds to repay all outstanding revolving credit facility borrowings and transaction fees and expenses. Remaining $300 million will be distributed to Rice Energy to fund a portion of its 2016 development program for the Marcellus and Utica core areas. RMH will also have an additional $125 million commitment from EIG for 18 months. On the third anniversary of the closing, RMH may redeem the Series B units. Barclays Capital Inc. was financial adviser and Vinson & Elkins LLP was legal counsel to Rice. Kirkland & Ellis LLP represented EIG.