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 about $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented into 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 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 distribute the consideration to the Term Loan lenders and spend relevant costs, after which the definition of Loan is likely to be completely released additionally the Term Loan companies will waive their liberties to your 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 responsibility (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously because of the closing associated with TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re payment, the DPPO will likely be completely repaid and vanish. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to invest in the money consideration and specific costs to 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 really a value-driven restricted partnership focused on developing, having and running midstream power infrastructure assets which are strategically located 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, 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 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 has an equity investment in Double E Pipeline, LLC, that will be developing gas that is natural infrastructure which will offer transport solution from numerous receipt points into the Delaware Basin to different delivery 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 into 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 can be forward-looking in the meaning for the federal securities guidelines. Forward-looking statements include, without limitation, any declaration which could project, indicate or imply future results, activities, performance or achievements, including the conclusion regarding the proposed TL Restructuring while the complete settlement and termination associated with Term Loan, that will support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will undoubtedly be,” “will stay,” “will more than likely result,” 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 ( lots of which are hard to anticipate and beyond administration’s control) which could cause SMLP’s real leads to future periods 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 when it comes to 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney on Form 10-Q for the 3 months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and questionnaire 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 so often. Any forward-looking statements in this news release, are manufactured at the time of the date with this pr release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror information that is new occasions.

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 because of its outstanding senior notes. SMLP promises to continue steadily to assess other obligation payday loans CT administration initiatives, along with possible asset product 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 will likely 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, trade provides or else.

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