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

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 into the formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) have now been pleased. Loan providers collectively keeping 100% regarding the aggregate principal amount of claims, like the more or less $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 money and about 2.3 million SMLP typical devices currently pledged as security beneath the Term Loan (that have been modified to correctly mirror the current 1-for-15 reverse SMLP unit that is common) in complete satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan.

The TL Restructuring is anticipated to shut 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 is likely to be completely discharged and also the Term Loan companies will waive their legal rights to virtually any and all sorts of claims against SMP Holdings and its own affiliates under the Term Loan and launch the non-economic basic partner interest in SMLP from SMP Holdings’ collateral package beneath the Term Loan.

In addition, the $180.75 million deferred purchase cost obligation (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously utilizing the closing associated with TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re re payment, the DPPO is supposed to be completely repaid and disappear. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to invest in the bucks consideration and expenses that are certain be compensated to your Term Loan loan providers with the closing regarding the TL Restructuring. SMLP will issue a press launch with updated timing objectives if it deems these transactions no more attainable on 17, 2020 november .

About Summit Midstream Partners, LP SMLP is a value-driven restricted partnership focused on developing, purchasing and running midstream power infrastructure assets which can be situated near commercial establishments in unconventional resource basins, mainly shale formations, when you look at https://onedayloan.net/payday-loans-az/ the continental united states of america. SMLP provides gas, 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, including 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, including the Barnett Shale development in Texas ; and (vi) the Piceance Basin, which include the Mesaverde development plus the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which will be developing gas that is natural infrastructure which will offer transport service from numerous receipt points into the Delaware Basin to different distribution points close to the Waha Hub in Texas. SMLP has also an equity investment in Ohio Gathering, which runs considerable gas gathering and condensate stabilization infrastructure when you look at the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas .

Forward-Looking StatementsThis press release includes specific statements concerning objectives for future years which can be forward-looking inside the concept for the federal securities guidelines. Forward-looking statements include, without limitation, any declaration which will project, indicate or imply future results, occasions, performance or achievements, like the completion regarding the proposed TL Restructuring while the settlement that is full termination for the Term Loan, and might support the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will soon be,” “will stay,” “will more than likely result,” and comparable expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements additionally have understood and risks that are unknown uncertainties ( some of which are hard to anticipate and beyond management’s control) that could cause SMLP’s real leads to future durations to differ 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 3 months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and questionnaire 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 once in awhile. Any forward-looking statements in this pr release, are manufactured at the time of the date of the news release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror brand new information or occasions.

SMLP is earnestly doing different obligation management deals, such as the TL Restructuring discussed above as well as the recently consummated cash tender provides because of its outstanding notes that are senior. SMLP promises to continue steadily to assess other obligation administration initiatives, along with potential asset product product product product sales or other divestitures of assets. There’s no assurance that some of these asset product product product sales or any other divestitures will undoubtedly 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.