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CHKM is a master limited partnership (MLP) operating pipeline networks in US gas producing states including Texas, Louisiana and Pennsylvania among others.
CHKM remains committed to executing on an unchanged best-in-class business model.
In addition, CHKM is projecting organic ebitda for the twelve months ended December 31, 2013 of $550 to $575 million with expansion capital expenditures of $550 to $600 million and maintenance capital expenditures of approximately $74 million.
GIP has been an outstanding sponsor and partner for CHKM over the past three years and I look forward to the opportunity to continue that relationship.
McClendon, Chesapeake's Chief Executive Officer, commented, "We have been working for the past few months to monetize our substantial and valuable midstream assets and are pleased to announce the sale of our investments in CHKM and a plan to sell our remaining midstream assets at attractive prices.
Mike Stice, CHKM's Chief Executive Officer and CMD's President, commented, "This is a new beginning for both CHKM and CMD and an opportunity to explore additional growth opportunities from a solid foundation provided by CHK as our anchor shipper.
The management team and employees at CHKM have proven to be very capable and highly customer focused, and we are confident this business will continue to be successful and grow profitably in the years ahead.
Any issue of common units under the underwriters' option will correspondingly reduce Global Infrastructure Partners' ownership in CHKM and such proceeds will be distributed to Global Infrastructure Partners.
45% limited partner interest in CHKM and will jointly own and control the general partner of CHKM.