THE WOODLANDS, Texas,
May 30, 2017 /PRNewswire/
-- Summit Midstream Partners, LP (NYSE: SMLP) announced today
that its wholly owned subsidiary, Summit Midstream Holdings, LLC,
has executed an amendment and extension of its $1.25 billion revolving credit facility.
The facility is supported by a syndicate of 20 institutions and
provides SMLP with the liquidity and financial flexibility to
execute its growth plans and achieve its financing objectives for
the foreseeable future.
The maturity date of the revolving credit facility was extended
by approximately 3.5 years, from November
2018 to May 2022. The facility includes a $250.0 million accordion, and has the same
pricing and a similar covenant package to the previous facility.
The total leverage ratio financial covenant, as defined in the
credit agreement, was increased from 5.00 to 1.00 to 5.50 to 1.00
in exchange for including a new senior secured leverage ratio
financial covenant of 3.75 to 1.00.
Steve Newby, President and Chief
Executive Officer, commented, "We sincerely appreciate the
continued support of our lenders and the confidence they have in
our company. This credit facility provides SMLP with
significant liquidity and flexibility for the continued development
of our assets. The revolving credit facility amendment also
extends our long-term debt maturity profile such that SMLP has no
significant debt maturities until 2022."
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 Fort
Worth Basin, which includes the Barnett Shale formation in
Texas; (iv) the Piceance Basin,
which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in
Colorado and Utah; and (v) the Denver-Julesburg Basin,
which includes the Niobrara and Codell shale formations in
Colorado and Wyoming. 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.
About Summit Midstream Partners, LLC
Summit Midstream
Partners, LLC ("Summit Investments") beneficially owns a 35.0%
limited partner interest in SMLP and indirectly owns and controls
the general partner of SMLP, Summit Midstream GP, LLC, which has
sole responsibility for conducting the business and managing the
operations of SMLP. Summit Investments is a privately held company
controlled by Energy Capital Partners II, LLC, and certain of its
affiliates. An affiliate of Energy Capital Partners II, LLC
directly owns an 8.0% limited partner interest in SMLP.
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
2016 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on February 27,
2017, 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