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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% associated with 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 towards the TL Restructuring and, at closing, will get their pro rata stocks of consideration comprising $26.5 million of money and about 2.3 million SMLP typical devices currently pledged as security beneath the Term Loan (which were 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 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 companies will waive their liberties to virtually any and all sorts of claims against SMP Holdings and its particular affiliates under the Term Loan and launch the non-economic general 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 be completely settled simultaneously because of the closing for the TL Restructuring once SMLP makes an approximate $27.0 million money re payment to SMP Holdings. After this re payment, the DPPO are going 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 money consideration and expenses that are certain be compensated to your Term Loan lenders with the closing of this TL Restructuring. SMLP will issue a pr launch with updated timing objectives if it deems these transactions not any longer attainable 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 are situated near commercial establishments in unconventional resource basins, mainly shale formations, into 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, 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, 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 comes with an equity investment in Double E Pipeline, LLC, that is 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 even 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 particular statements concerning objectives for future years which are forward-looking inside the meaning for the federal securities rules. Forward-looking statements include, without limitation, any declaration that could project, indicate or imply future results, activities, performance or achievements, like the conclusion associated with proposed TL Restructuring as well as the complete settlement and termination for the Term Loan, and could retain the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will likely be,” “will stay,” “will more than 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 hard to predict and beyond administration’s control) that will cause SMLP’s real leads to future durations to vary materially from expected or projected outcomes. a list that is extensive of material 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 when it comes to 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 Quarterly Report on Form 10-Q for the 90 days 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 news release, are designed as of the date of the news loans online Vermont release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror information that is new activities.
SMLP is earnestly participating in different obligation management deals, like the TL Restructuring talked about above as well as the recently consummated money tender provides because of its outstanding senior records. SMLP promises to continue steadily to evaluate other obligation administration initiatives, in addition to possible asset product product product product sales or any other divestitures of assets. There’s absolutely no assurance that some of these asset product product sales or other divestitures will likely to 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, change provides or perhaps.