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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, such as the about $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have 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 (that have been 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 November 17, 2020 . 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 likely to be completely discharged as well as the Term Loan companies will waive their legal rights to your and all sorts of payday loans IA 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 responsibility (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously with all the closing associated with TL Restructuring once SMLP makes an approximate $27.0 million money re payment to SMP Holdings. After this re payment, the DPPO will likely be completely repaid and disappear. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to invest in the money consideration and expenses that are certain be compensated into the Term Loan loan providers with the closing associated with TL Restructuring. SMLP will issue a press launch 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, buying and running midstream power infrastructure assets which are 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 customers 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, including 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 New Mexico ; (v) the Fort Worth Basin, which include the Barnett Shale development in Texas ; and (vi) the Piceance Basin, including 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 has also 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 particular statements concerning objectives for future years which are forward-looking inside the concept of this federal securities rules. Forward-looking statements include, without limitation, any declaration which will project, indicate or imply future results, events, performance or achievements, like the conclusion for the proposed TL Restructuring in addition to full settlement and termination for the Term Loan, and could retain the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will soon 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 contain understood and risks that are unknown uncertainties ( a lot of which are tough 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 considerable set of certain 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 when it comes to 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , questionnaire on Form 10-Q when it comes to 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 3 months 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 pr release, are created at the time of the date for this pr release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror brand new information or occasions.
SMLP is earnestly participating in different obligation management 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, also prospective asset product product sales or other divestitures of assets. There is absolutely no assurance that some of these asset product product sales or other divestitures should 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 offers, change provides or else.