HOUSTON,
June 6,
2024 /PRNewswire/ -- Summit Midstream Partners,
LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today
announced the expiration and results of the previously announced
cash tender offer (the "Asset Sale Offer") of Summit Midstream
Holdings, LLC ("Holdings") and Summit Midstream Finance Corp.
(together with Holdings, the "Issuers"), which are subsidiaries of
the Partnership, to purchase up to $215,000,000 aggregate principal amount of their
outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the
"Notes") at a purchase price of 100% of the aggregate principal
amount thereof, plus accrued and unpaid interest to, but not
including, the purchase date.
The Asset Sale Offer expired at 5:00 p.m., New York
City time, on June 5, 2024
(the "Expiration Time"). As of the Expiration Time, an aggregate
principal amount of $6,910,000, or
approximately 0.90%, of the Notes were validly tendered and not
validly withdrawn. The Issuers have accepted for payment all Notes
validly tendered and not validly withdrawn prior to the Expiration
Time pursuant to the Asset Sale Offer and will make payment for
such Notes on June 6, 2024.
Requests for documents relating to the Asset Sale
Offer may be directed to D.F. King & Co., Inc., at (800)
347-4826 (Toll-Free) or (212) 269-5550, or by email at
smlp@dfking.com.
This press release is for informational purposes
only and is neither an offer to purchase nor a solicitation of an
offer to sell any Notes.
About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership
focused on developing, owning and operating midstream energy
infrastructure assets that are strategically located in the core
producing areas of unconventional resource basins, primarily shale
formations, in the continental United
States. SMLP provides natural gas, crude oil and produced
water gathering, processing and transportation services pursuant to
primarily long-term, fee-based agreements with customers and
counterparties in four unconventional resource basins: (i) the
Williston Basin, which includes
the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin,
which includes the Niobrara and
Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas; and (iv)
the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in Colorado. SMLP has an equity method investment
in Double E Pipeline, LLC, which provides interstate natural gas
transportation service from multiple receipt points in the
Delaware Basin to various delivery
points in and around the Waha Hub in Texas. SMLP is headquartered in Houston, Texas.
Forward Looking Statements
This press release includes certain statements
concerning expectations for the future that are forward-looking
within the meaning of the federal securities laws. Forward-looking
statements include, without limitation, any statement that may
project, indicate or imply future results, events, performance or
achievements and may contain the words "expect," "intend," "plan,"
"anticipate," "estimate," "believe," "will be," "will continue,"
"will likely result," and similar expressions, or future
conditional verbs such as "may," "will," "should," "would," and
"could." In addition, any statement concerning future financial
performance (including future revenues, earnings or growth rates),
ongoing business strategies and possible actions taken by SMLP or
its subsidiaries are also forward-looking statements.
Forward-looking statements also contain known and unknown risks and
uncertainties (many of which are difficult to predict and beyond
management's control) that may cause SMLP's actual results in
future periods to differ materially from anticipated or projected
results. An extensive list of specific material risks and
uncertainties affecting SMLP is contained in its 2023 Annual Report
on Form 10-K filed with the Securities and Exchange Commission (the
"SEC") on March 15, 2024, as amended
and updated from time to time, including by SMLP's Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2024 filed with the SEC on May 6, 2024 and by Exhibit 99.1 to SMLP's Current
Report on Form 8-K filed with the SEC on June 3, 2024. Any forward-looking statements in
this press release are made as of the date of this press release
and SMLP undertakes no obligation to update or revise any
forward-looking statements to reflect new information or
events.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/summit-midstream-partners-lp-announces-expiration-and-results-for-asset-sale-offer-to-purchase-up-to-215-000-000-aggregate-principal-amount-of-outstanding-8-500-senior-secured-second-lien-notes-due-2026--302166064.html
SOURCE Summit Midstream Partners, LP