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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% for the aggregate principal amount of claims, such as the around $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 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 17, 2020 november . Upon closing of this TL Restructuring, SMLP will circulate the consideration in to the Term Loan lenders and spend applicable costs, after which the definition of Loan is going to be completely discharged as well as the Term Loan lenders will waive their liberties to your and all sorts of claims against SMP Holdings and its particular affiliates under the https://onedayloan.net/payday-loans-ak/ 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 aided by the closing of this TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re payment, the DPPO would be completely repaid and disappear. 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 into the Term Loan companies with the closing associated with TL Restructuring. SMLP will issue a news launch with updated timing objectives if it deems these transactions not any longer attainable on 17, 2020 november .

About Summit Midstream Partners, LP SMLP is a value-driven restricted partnership focused on developing, getting and running midstream power infrastructure assets which can be situated near commercial establishments in unconventional resource basins, mainly shale formations, when you look at the continental united states of america. SMLP provides gas, 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, including the Utica and Marcellus shale formations in Ohio and western Virginia ; (ii) the Williston Basin, including 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 New Mexico ; (v) the Fort Worth Basin, including the Barnett Shale development in Texas ; and (vi) the Piceance Basin, including the Mesaverde development along with the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which will 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 also offers an equity investment in Ohio Gathering, which runs considerable gas that is natural 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 which can be forward-looking in the concept for the federal securities legislation. Forward-looking statements include, without limitation, any declaration that 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 for the Term Loan, that can retain the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will likely to 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 ( lots of which are tough 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 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 for the 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , questionnaire on Form 10-Q for the 90 days ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and questionnaire on Form 10-Q when it comes to 3 months finished September 30, 2020 filed with the Securities Exchange Commission on November 6, 2020 , each as amended and updated every once in awhile. Any forward-looking statements in this news release, are produced 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 activities.

SMLP is earnestly participating in different obligation administration deals, including the TL Restructuring talked about above as well as the recently consummated money tender offers for the outstanding senior records. SMLP promises to continue steadily to assess other obligation administration initiatives, in addition to possible asset sales or other divestitures of assets. There is absolutely no assurance that some of these asset product product sales or 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, change provides or else.

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