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 towards 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% for 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 towards the TL Restructuring and, at closing, will get their pro rata stocks of consideration comprising $26.5 million of money and roughly 2.3 million SMLP typical devices currently pledged as security beneath the Term Loan (which were modified to correctly mirror the recent 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 shut on 17, 2020 november . 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 going to be completely released additionally the Term Loan lenders 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 release 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 concurrently be fully settled aided by 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 vanish. SMP Holdings will make use of the approximate $27.0 million Tennessee online payday loans of cash received from SMLP to finance the money consideration and particular costs to be compensated to your Term Loan loan providers with the closing regarding the TL Restructuring. SMLP will issue a press release 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 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, including 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, which include the Mesaverde development along with the Mancos and Niobrara shale formations in Colorado. SMLP comes with an equity investment in Double E Pipeline, LLC, which can be developing gas that is natural 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 substantial 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 particular statements concerning objectives money for hard times being forward-looking inside the concept associated with federal securities rules. Forward-looking statements include, without limitation, any declaration which will project, indicate or imply future results, occasions, performance or achievements, including the conclusion associated with proposed TL Restructuring as well as the complete settlement and termination for the Term Loan, and may also support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will likely to 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 ( a lot of which are hard to anticipate and beyond administration’s control) that could cause SMLP’s real leads to future periods to vary materially from expected or projected outcomes. a substantial set of particular 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 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 news release, were created 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 information that is new occasions.

SMLP is actively doing different obligation administration deals, like the TL Restructuring talked about above and the recently consummated money tender provides because of its outstanding senior records. SMLP promises to continue steadily to assess other obligation administration initiatives, along with possible asset product sales or any other divestitures of assets. There’s absolutely no assurance that some of these asset product sales or any other divestitures should be finished. Other obligation management 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, exchange offers or perhaps.

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