RATTLER MIDSTREAM LP
500 West Texas Avenue
Suite 1200
Midland, Texas 79701
May 9, 2019
VIA EDGAR
United States Securities and Exchange Commission
Division of Corporation Finance
Mail Stop 3561
100 F. Street, N.E.
Washington, D.C. 20549
Attn: | Mara L. Ransom, Assistant Director, Office of Consumer Products |
Adam Phippen, Staff Accountant
Donna Di Silvio, Staff Accountant
Katherine Bagley, Staff Attorney
Re: | Rattler Midstream LP |
Registration Statement on Form S-1
File No. 333-226645
Ladies and Gentlemen:
Pursuant to discussions with the staff of the Division of Corporation Finance (the Staff) of the Securities and Exchange Commission, Rattler Midstream LP (the Partnership, we, us or our) hereby confidentially submits (the Submission) its currently expected offering terms of the initial public offering (the Offering) of common units representing limited partner interests (the Common Units), including, among other things, the bona fide price range pursuant to Item 501(b)(3) of Regulation S-K, the number of Common Units to be offered, the estimated net proceeds the Partnership expects to receive from the Offering and the total number of Common Units to be outstanding after the Offering. The Partnership expects that these pricing terms and other items will be included in a future amendment to the Registration Statement on Form S-1, File No. 333-226645, as amended (the Registration Statement).
The Offering terms included in the Submission are based on bona fide estimates of the range of the minimum and maximum offering price and the maximum number of Common Units to be offered as of May 9, 2019. Should the bona fide estimates of these terms change, the figures presented in future amendments to the Registration Statement may increase or decrease.
The Partnership proposes to price the Offering with a bona fide price range of $16 to $19 per Common Unit, with a midpoint of $17.50 per Common Unit. In the Offering, the Partnership proposes to sell up to 33,333,333 Common Units. The Partnership also proposes to grant the underwriters a 30-day option to purchase up to an aggregate 5,000,000 additional Common Units to cover over-allotments. As discussed with members of the Staff, this range and the additional information included in the Submission are initially being provided for your consideration by
United States Securities and Exchange Commission
May 9, 2019
Page 2
correspondence due to the Partnerships and the underwriters concern regarding providing such information in advance of the launch of the Offering given potential market volatility, as well as our desire to provide all information necessary for the Staff to complete its review on a timely basis.
The Partnership is enclosing its proposed marked copy of those pages of the Registration Statement that will be affected by the offering terms set forth herein. We expect that these marked changes will be incorporated into a future amendment to the Registration Statement. The Partnership seeks confirmation from the Staff that it may launch its Offering with the price range specified herein and include such price range in a future filing of the Registration Statement.
In addition to the above, in response to the comment received by the Staff in a letter dated May 8, 2019 with respect to Amendment No. 6 to the Registration Statement, the Partnership respectfully directs the Staffs attention to the note titled Supplemental Pro Forma Information (Unaudited) on the enclosed page F-41. In response to the Staffs comment, this note will be added to the next amendment to the Registration Statement.
[Remainder of page intentionally blank]
United States Securities and Exchange Commission
May 9, 2019
Page 3
* * * * *
If you have any questions with respect to the foregoing, please do not hesitate to call me at (405) 463-6900 or Seth Molay of Akin Gump Strauss Hauer & Feld LLP at (214) 969-4780.
Very truly yours, | ||
RATTLER MIDSTREAM LP | ||
By: Rattler Midstream GP LLC, its General Partner | ||
By: | /s/ Teresa L. Dick | |
Name: | Teresa L. Dick | |
Title: | Chief Financial Officer, Executive Vice President and Assistant Secretary |
cc: | Seth R. Molay, P.C. |
Akin Gump Strauss Hauer & Feld LLP