Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

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 into the formerly announced 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% regarding the aggregate principal amount of claims, such as the roughly $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 composed of $26.5 million of money and roughly 2.3 million SMLP typical devices currently pledged as security beneath 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 obligations 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 will soon be completely released and also the Term Loan companies will waive their legal rights to your and all sorts of claims against SMP Holdings and its particular 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 obligation (the “DPPO”) that SMLP owes to SMP Holdings will concurrently be fully settled aided by the closing associated with the TL Restructuring once SMLP makes an approximate $27.0 million money payment to SMP Holdings. After this re re payment, the DPPO may be completely repaid and vanish. SMP Holdings will utilize approximate $27.0 million of cash received from SMLP to finance the money consideration and specific costs to be compensated into the Term Loan companies with the closing of this TL Restructuring. SMLP will issue a press launch with updated timing objectives if it deems these transactions no more attainable on November 17, 2020 .

About Summit Midstream Partners, LP SMLP is just a value-driven partnership that is limited on developing, purchasing and running midstream power infrastructure assets which are situated near commercial establishments in unconventional resource basins, mainly shale formations, when you look at 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, 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 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 even offers an equity investment in Ohio Gathering, which runs substantial propane gathering 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 concept of this federal securities regulations. Forward-looking statements include, without limitation, any declaration which could project, indicate or imply future results, occasions, performance or achievements, for instance the conclusion associated with the proposed TL Restructuring as well as the complete settlement and termination for the Term Loan, and may even support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “should 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 understood and unknown dangers and uncertainties ( some of which are tough to anticipate and beyond administration’s control) that will 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 payday loans Maine to 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney 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 for the 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 formulated as 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 occasions.

SMLP is earnestly participating in different liability administration deals, such as the TL Restructuring talked about above as well as the recently consummated money tender provides because of its outstanding senior records. SMLP promises to continue steadily to assess other obligation administration initiatives, along with possible asset product product sales or any other divestitures of assets. There’s absolutely no assurance that some of these asset product product sales or any other divestitures should be finished. Other obligation administration initiatives may include amendments to SMLP’s revolving credit facility and/or extra repurchases of senior notes through open market acquisitions, independently negotiated transactions, redemptions, extra tender provides, trade provides or elsewhere.

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