THE WOODLANDS, Texas,
Feb. 14, 2017 /PRNewswire/
-- Summit Midstream Holdings, LLC (the "Company") and Summit
Midstream Finance Corp. (the "Co-Issuer," and, together with the
Company, the "Co-Issuers"), subsidiaries of Summit Midstream
Partners, LP (NYSE: SMLP), announced today the results of their
previously announced cash tender offer (the "Tender Offer") to
purchase any and all of the Issuers' outstanding 7.50% Senior Notes
due 2021 (the "Notes"). As of 5:00
p.m., New York City time,
on February 14, 2017 (the "Expiration
Time"), $276,774,000 aggregate
principal amount of the Notes were validly tendered, or 92.26% of
the principal amount of the outstanding Notes. The Issuers expect
to accept for payment all such Notes validly tendered and not
validly withdrawn in the Tender Offer and expect to make payment
for the Notes on February 15, 2017,
subject to the Issuers' successful completion of their previously
announced debt financing transaction (the "Financing Condition").
Concurrently with the settlement of the Tender Offer, the Issuers
expect to exercise their right to optionally redeem any Notes not
validly tendered and purchased in the Tender Offer, pursuant to the
terms of the indenture governing the Notes.
The terms and conditions of the Tender Offer are described in
the Offer to Purchase dated February 8,
2017, and the related Letter of Transmittal and Notice of
Guaranteed Delivery (collectively, the "Offer Documents"). BofA
Merrill Lynch is serving as the dealer manager for the tender
offer. Questions regarding the Tender Offer may be directed to BofA
Merrill Lynch at (888) 292-0070 (U.S. toll-free) and (980) 387-5602
(collect). Copies of the Offer Documents may be obtained from the
Information Agent for the tender offer, D.F. King & Co., Inc. at (800) 755-7250
(U.S. toll-free) and (212) 269-5550 (collect), via email at
smlp@dfking.com, or via the following web address:
www.dfking.com/smlp.
This press release does not constitute a notice of redemption of
the Notes, nor an offer to purchase or a solicitation of an offer
to sell any Notes in the Tender Offer. The Tender Offer is not
being made to holders of Notes in any jurisdiction in which the
making or acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. In any
jurisdiction in which the Tender Offer is required to be made by a
licensed broker or dealer, the Tender Offer will be deemed to be
made on behalf of the Issuers by the dealer manager or one or more
registered brokers or dealers that are licensed under the laws of
such jurisdiction.
About Summit Midstream Partners, LP
SMLP is a
growth-oriented limited partnership focused on developing, owning
and operating midstream energy infrastructure assets that are
strategically located in the core producing areas of unconventional
resource basins, primarily shale formations, in the continental
United States. SMLP provides
natural gas, crude oil and produced water gathering services
pursuant to primarily long-term and fee-based gathering and
processing agreements with customers and counterparties in five
unconventional resource basins: (i) the Appalachian Basin, which
includes the Marcellus and Utica
shale formations in West Virginia
and Ohio; (ii) the Williston Basin, which includes the Bakken and
Three Forks shale formations in North
Dakota; (iii) the Piceance Basin, which includes the
Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado and Utah, (iv) the Denver-Julesburg Basin, which
includes the Niobrara and Codell
shale formations in Colorado and
Wyoming; and (v) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas. SMLP also owns substantially all of
a 40% ownership interest in Ohio Gathering, which is developing
natural gas gathering and condensate stabilization infrastructure
in the Utica Shale in Ohio. SMLP is headquartered in
The Woodlands, Texas, with
regional corporate offices in Denver,
Colorado and Atlanta,
Georgia.
Forward-Looking Statements
This press release
includes certain statements concerning expectations for the future
that are forward-looking within the meaning of the federal
securities laws. Forward-looking statements contain known and
unknown risks and uncertainties (many of which are difficult to
predict and beyond management's control) that may cause SMLP's
actual results in future periods to differ materially from
anticipated or projected results. An extensive list of specific
material risks and uncertainties affecting SMLP is contained in its
2015 Annual Report on Form 10-K as updated and superseded by the
Current Report on Form 8-K/A filed with the Securities and Exchange
Commission on September 1, 2016, and
as amended and updated from time to time. Any forward-looking
statements in this press release are made as of the date of this
press release and SMLP undertakes no obligation to update or revise
any forward-looking statements to reflect new information or
events.
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SOURCE Summit Midstream Partners, LP