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, 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 composed of $26.5 million of money and around 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (which were modified to correctly mirror the current 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 in to the Term Loan lenders and spend relevant costs, after which the definition of Loan is supposed to be completely released as well as 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 launch 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 obligation (the “DPPO”) that SMLP owes to SMP Holdings will concurrently be fully settled aided by the closing regarding the TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re re 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 specific costs to be paid to your 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 restricted partnership focused on developing, having and operating midstream energy 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 propane, 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, 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 brand 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 along with the Mancos and Niobrara shale formations in Colorado. SMLP posseses an equity investment in Double E Pipeline, LLC, which can be developing propane transmission infrastructure which will offer transport solution from numerous receipt points into the Delaware Basin to different distribution points close to the Waha Hub in Texas. SMLP comes with an equity investment in Ohio Gathering, which runs substantial gas gathering 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 concept associated with the federal securities rules. Forward-looking statements include, without limitation, any declaration that will project, indicate or imply future results, occasions, performance or achievements, including the conclusion for the proposed TL Restructuring and also the settlement that is full termination for the Term Loan, and might support 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 risks that are unknown uncertainties ( some of which are tough to anticipate and beyond administration’s control) that could 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 affecting SMLP is found in its 2019 yearly Report on Form 10-K filed using the Securities advance payday loans New Mexico and Exchange Commission on March 9, 2020, questionnaire on Form 10-Q when it comes to 90 days ended 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 sydney 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 once in awhile. Any forward-looking statements in this news release, are created at the time of the date of the 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 notes that are senior. SMLP promises to continue steadily to assess other obligation administration initiatives, in addition to possible asset product product sales or other divestitures of assets. There’s no assurance that some of these asset product product sales or other divestitures is likely to 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, trade provides or perhaps.

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