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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% regarding the aggregate principal amount of claims, like the roughly $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 about 2.3 million SMLP typical devices currently pledged as security underneath 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 under the Term Loan.
The TL Restructuring is anticipated to shut on November https://cashcentralpaydayloans.com/payday-loans-mt/ 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 supposed to be completely released while the Term Loan companies will waive their legal rights to your and all sorts of claims against SMP Holdings as well as its 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 with all the closing associated with the TL Restructuring once SMLP makes an approximate $27.0 million cash re re payment to SMP Holdings. After this re re payment, the DPPO is fully repaid and vanish. SMP Holdings will make use of the approximate $27.0 million 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 for the TL Restructuring. SMLP will issue a press 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 a value-driven partnership that is limited on developing, getting and running midstream power infrastructure assets being strategically located 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-term 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 brand 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 posseses an equity investment in Double E Pipeline, LLC, which will be developing gas that is natural infrastructure which will offer transport solution from numerous receipt points into the Delaware Basin to various distribution points close to the Waha Hub in Texas. SMLP has also 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 can be forward-looking inside the concept for the federal securities laws and regulations. Forward-looking statements include, without limitation, any declaration which could project, indicate or imply future results, activities, performance or achievements, including the conclusion for the proposed TL Restructuring and also the settlement that is full termination for the Term Loan, that will 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 known and risks that are unknown uncertainties ( some 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 substantial variety of certain 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, questionnaire 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 questionnaire 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 news release, are built at the time of the date of the pr release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to reflect information that is new occasions.
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, also possible asset product sales or any other divestitures of assets. There isn’t any assurance that some of these asset product product sales or any other divestitures are going 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 elsewhere.