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 already been pleased. Loan providers collectively keeping 100% for the aggregate principal amount of claims, like the around $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 around 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 common product split) 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 going to be completely released while the Term Loan lenders 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 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 utilizing the closing for the TL Restructuring once SMLP makes an approximate $27.0 million money re re re payment to SMP Holdings. After this re payment, the DPPO is supposed to be completely repaid and disappear. SMP Holdings www.spotloans247.com/payday-loans-ct/ 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 into the Term Loan loan providers with the closing associated with the TL Restructuring. SMLP will issue a news launch with updated timing objectives if it deems these transactions no more attainable on November 17, 2020 .

About Summit Midstream Partners, LP SMLP is really a value-driven partnership that is limited on developing, buying and running midstream power infrastructure assets which can be situated near commercial establishments in unconventional resource basins, mainly shale formations, into 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, including 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, including the Bone Spring and Wolfcamp formations in brand New Mexico ; (v) the Fort Worth Basin, which include the Barnett Shale formation in Texas ; and (vi) the Piceance Basin, which include the Mesaverde development along with 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 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 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 are forward-looking in the concept associated with the securities laws that are federal. Forward-looking statements include, without limitation, any declaration which could project, indicate or imply future results, activities, performance or achievements, for instance the conclusion associated with the proposed TL Restructuring and also the complete settlement and termination for the Term Loan, that will retain the terms «expect,» «intend,» «plan,» «anticipate,» «estimate,» «believe,» «will likely to 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 risks that are unknown uncertainties ( some of which are hard 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, sydney on Form 10-Q for the 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , questionnaire 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 news release, are available as of the date with this pr release and SMLP undertakes no responsibility to update or revise any forward-looking statements to mirror brand new information or activities.

SMLP is earnestly participating in 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 prospective asset product sales or other divestitures of assets. There’s no assurance that some of these asset product product sales or any other divestitures will soon 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.

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