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 to your 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% for 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 actually consented to 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 beneath the Term Loan (that have been modified to correctly mirror the current 1-for-15 reverse SMLP unit that is common) in full 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 is likely to be fully released and also the Term Loan companies will waive their legal rights to virtually any and all sorts of claims against SMP Holdings and its own 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 utilizing the closing for 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 may be completely repaid and vanish. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to finance the bucks consideration and expenses that are certain be compensated to your Term Loan companies with the closing of this TL Restructuring. SMLP will issue a news release 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, possessing 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, 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 development plus the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which can be developing gas that is natural infrastructure that may offer transport solution from numerous receipt points into the Delaware Basin to different distribution points close to the Waha Hub in Texas. SMLP has also 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 inside the meaning associated with federal securities legislation. Forward-looking statements include, without limitation, any declaration that could project, indicate or imply future results, occasions, performance or achievements, including the conclusion associated with the proposed TL Restructuring and also the settlement that is full termination for the Term Loan, and could retain the terms „expect,“ „intend,“ „plan,“ „anticipate,“ „estimate,“ „believe,“ „will undoubtedly 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 known and unknown dangers and uncertainties ( some of which are hard to anticipate and beyond administration’s control) that could cause SMLP’s real leads to future durations to vary materially from expected or projected outcomes. a list that is extensive of material dangers and uncertainties affecting 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 , sydney on Form 10-Q when it comes to 3 months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and sydney 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 pr release, are designed as of the date with this pr release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to reflect brand new information or activities.

SMLP is earnestly participating in different liability administration deals, like the TL Restructuring talked about above as well as the recently consummated money tender provides because of its outstanding notes that are senior. SMLP promises to continue steadily to assess other obligation administration initiatives, along with possible asset product product sales or other divestitures of assets. There is absolutely no assurance that some of these asset product product product sales or any other divestitures will likely be finished. Other obligation administration initiatives may involve 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.