Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

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Nov 16, 2020, 17:15 ET

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HOUSTON , Nov. 16, 2020 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions to your formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) were pleased. Loan providers collectively keeping 100% associated with the aggregate principal amount of claims, such as the about $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented to your TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of cash and around 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (that have been modified to correctly mirror the current 1-for-15 reverse SMLP common device split) in complete satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan.

The TL Restructuring is anticipated to close on November 17, 2020 . Upon closing of this TL Restructuring, SMLP will circulate the consideration to the Term Loan lenders and spend relevant costs, after which the definition of Loan will undoubtedly be completely released while the Term Loan lenders will waive their legal rights to any and all sorts of claims against SMP Holdings and its own affiliates under the Term Loan and launch the non-economic partner that is general in SMLP from SMP Holdings’ collateral package beneath the Term Loan.

In addition, the $180.75 million deferred purchase cost responsibility (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously with all the closing regarding the TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re re re re payment, the DPPO will likely to be completely repaid and vanish. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to finance the money consideration and particular costs to be paid to your Term Loan loan providers with the closing for the TL Restructuring. SMLP will issue a news release with updated timing objectives if it deems these transactions not any longer achievable on 17, 2020 november .

About Summit Midstream Partners, LP SMLP is just a value-driven partnership that is limited on developing, getting and running midstream power infrastructure assets which can be situated near commercial establishments in unconventional resource basins, mainly shale formations, within the continental united states of america. SMLP provides gas that is natural crude oil and produced water gathering services pursuant to mainly long-lasting and fee-based gathering and processing agreements with clients and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which include the Utica and Marcellus shale formations in Ohio and western Virginia ; (ii) the Williston Basin, which include the Bakken and Three Forks shale formations in North Dakota ; (iii) the Denver-Julesburg Basin, which include the Niobrara and Codell shale formations in Colorado and Wyoming ; (iv) the Permian Basin, which include the Bone Spring and Wolfcamp formations in brand New Mexico ; (v) the Fort Worth Basin, which include the Barnett Shale development in Texas ; and (vi) the Piceance Basin, including the Mesaverde development along with the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which can be developing gas transmission infrastructure that may offer transport solution from numerous receipt points into the Delaware Basin to different distribution points close to the Waha Hub in Texas. SMLP also offers an equity investment in Ohio Gathering, which runs considerable gas that is natural and condensate stabilization infrastructure into the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas .

Forward-Looking StatementsThis press release includes specific statements concerning objectives for future years being forward-looking in the concept for the federal securities rules. Forward-looking statements include, without limitation, any declaration that will project, indicate or imply future results, occasions, performance or achievements, including the conclusion regarding the proposed TL Restructuring while the settlement that is full termination for the Term Loan, and may even support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will undoubtedly be,” “will stay,” “will most likely outcome,” and comparable expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements additionally have understood and unknown dangers and uncertainties ( some of which are tough to anticipate and beyond administration’s control) which could cause SMLP’s real leads to future durations to vary materially from expected or projected outcomes. a list that is extensive of product dangers and uncertainties impacting SMLP is found in its 2019 yearly Report on Form 10-K filed using the Securities and Exchange Commission on March 9, 2020, questionnaire on Form 10-Q when it comes to 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney on Form 10-Q for the 90 days ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and sydney on Form 10-Q when it comes to 3 months finished September 30, 2020 filed with the Securities Exchange Commission on November 6, 2020 , each as amended and updated every so often. Any forward-looking statements in this pr release, were created as of the date of the news release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror information that is new activities.

SMLP is earnestly doing different obligation administration deals, such as the TL Restructuring talked about above as well as the recently consummated money tender provides for the outstanding notes that are senior. SMLP promises to continue steadily to assess other obligation administration initiatives, along with possible asset product sales or other divestitures of assets. There’s absolutely no assurance that some of these asset product product sales or any other divestitures should be finished. Other obligation administration initiatives may include amendments to SMLP’s revolving credit facility and/or extra repurchases of senior records through available market acquisitions, independently negotiated transactions, redemptions, extra tender provides, trade provides or elsewhere.