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 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% regarding the aggregate principal amount of claims, like the around $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 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 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 liberties to virtually any 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 price responsibility (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously utilizing the closing associated with the TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re re payment, the DPPO is going to be completely repaid and disappear. SMP Holdings will utilize approximate $27.0 million of cash received from SMLP to finance the bucks consideration and expenses that are certain be compensated to the Term Loan loan providers with the closing associated with the TL Restructuring. SMLP will issue a pr launch with updated timing objectives if it deems these transactions not any longer attainable on November 17, 2020 .

About Summit Midstream Partners, LP SMLP is a value-driven partnership that is limited on developing, having and running midstream power infrastructure assets which are situated near commercial establishments in unconventional resource basins, mainly shale formations, into the continental usa. 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 payday loans Maryland ; (iii) the Denver-Julesburg Basin, including the Niobrara and Codell shale formations in Colorado and Wyoming ; (iv) the Permian Basin, including the Bone Spring and Wolfcamp formations in 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 formation plus the Mancos and Niobrara shale formations in Colorado. SMLP posseses an equity investment in Double E Pipeline, LLC, which can be developing gas transmission 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 propane gathering and condensate stabilization infrastructure within the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas .

Forward-Looking StatementsThis press release includes particular statements concerning objectives for future years being forward-looking in the meaning regarding the federal securities guidelines. Forward-looking statements include, without limitation, any declaration which could project, indicate or imply future results, occasions, performance or achievements, like the conclusion associated with proposed TL Restructuring as well as the settlement that is full termination associated with the Term Loan, and may even retain the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will likely to be,” “will stay,” “will more than 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 predict 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 a number of specific 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 90 days ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and sydney 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 pr release, are produced as of the date with this news release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror information that is new activities.

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 for the outstanding senior records. SMLP promises to continue steadily to assess other obligation administration initiatives, in addition to prospective asset product product product product sales or any other divestitures of assets. There’s 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 records through available market acquisitions, independently negotiated transactions, redemptions, extra tender provides, trade provides or perhaps.

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