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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% associated with the aggregate principal amount of claims, like the about $155.2 million in principal quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented towards the TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of money and around 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (that have been modified to properly mirror the current 1-for-15 reverse SMLP common product split) in complete satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan.
The TL Restructuring is anticipated to shut on 17, 2020 november . Upon closing of this TL Restructuring, SMLP will circulate the consideration in to the Term Loan lenders and spend relevant costs, after which the definition of Loan will soon be completely released and also the Term Loan lenders will waive their rights to your and all sorts of claims against SMP Holdings and its particular 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 responsibility (the “DPPO”) that SMLP owes to SMP Holdings will concurrently be fully settled because of the closing associated with TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re payment, the DPPO will likely to be completely repaid and disappear. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to finance the bucks consideration and particular costs to be compensated into the Term Loan loan providers with the closing associated with the TL Restructuring. SMLP will issue a pr launch with updated timing objectives if it deems these transactions no more attainable on 17, 2020 november .
About Summit Midstream Partners, LP SMLP is just a value-driven partnership that is limited on developing, having and running midstream power infrastructure assets which can be situated near commercial establishments in unconventional resource basins, mainly shale formations, when you look at the continental usa. 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, 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, including the Bone Spring and Wolfcamp formations in brand brand brand New Mexico ; (v) the Fort Worth Basin, which include the Barnett Shale development in Texas ; and (vi) the Piceance Basin, which include the Mesaverde formation plus the Mancos and Niobrara shale formations in Colorado. SMLP comes with an equity investment in Double E Pipeline, LLC, that will be developing gas that is natural infrastructure which will provide transport solution 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 that is natural and condensate stabilization infrastructure within 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 are forward-looking inside the meaning of this securities laws that are federal. Forward-looking statements include, without https://titlemax.us/payday-loans-ct/ limitation, any declaration which will project, indicate or imply future results, occasions, performance or achievements, like the conclusion associated with the proposed TL Restructuring as well as the complete settlement and termination regarding the Term Loan, and may even support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “should be,” “will stay,” “will more than likely outcome,” and similar 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 hard to anticipate and beyond administration’s control) that will cause SMLP’s real leads to future durations to differ materially from anticipated 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, sydney on Form 10-Q for the 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney on Form 10-Q when it comes to 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 90 days 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 formulated at the time of the date with this pr release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror brand new information or activities.
SMLP is earnestly participating in different obligation administration deals, like the TL Restructuring talked about above as well as the recently consummated money tender provides for the outstanding senior records. SMLP promises to continue steadily to assess other obligation administration initiatives, along with possible asset product product sales or any other divestitures of assets. There’s absolutely no assurance that some of these asset product product product sales or other divestitures is likely to be completed. 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 else.