HOUSTON, April 14, 2021 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) (the "Partnership") announced today
preliminary results regarding its offer to exchange (the "Exchange
Offer") its 9.50% Series A Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (Liquidation Preference
$1,000) (the "Series A Preferred
Units") tendered in the Exchange Offer for up to 2,400,000 newly
issued common units representing limited partner interests in the
Partnership (the "Common Units"), which expired at 11:59 p.m., New York
City time, on April 13, 2021
(the "Expiration Date"). Based on preliminary information
provided by American Stock Transfer & Trust Company, LLC, the
depositary of the Exchange Offer (the "Depositary"), as of the
Expiration Date, 18,662 Series A Preferred Units had been properly
tendered (and not validly withdrawn). The number of Series A
Preferred Units properly tendered and not validly withdrawn is
preliminary and is subject to verification by the Depositary. The
Partnership expects to deliver the Common Units to be issued in
exchange for the Series A Preferred Units on April 15, 2021.
About Summit Midstream Partners, LP
SMLP is a
value-driven limited partnership focused on developing, owning and
operating midstream energy infrastructure assets that are
strategically located in 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 six
unconventional resource basins: (i) the Appalachian Basin, which
includes the Utica and Marcellus
shale formations in Ohio and
West Virginia; (ii) the
Williston Basin, which includes
the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg
Basin, which includes the Niobrara
and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which
includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas; and (vi)
the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in Colorado.
SMLP has an equity investment in Double E Pipeline, LLC, which is
developing natural gas transmission infrastructure that will
provide transportation service from multiple receipt points in the
Delaware Basin to various delivery
points in and around the Waha Hub in Texas. SMLP also has an
equity investment in Ohio Gathering, which operates extensive
natural gas gathering and condensate stabilization infrastructure
in the Utica Shale in Ohio. SMLP is headquartered in
Houston, Texas.
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,
including, without limitation, information regarding the settlement
of the Exchange Offer. Forward-looking statements include,
without limitation, any statement that may project, indicate or
imply future results, events, performance or achievements and may
contain the words "expect," "intend," "plan," "anticipate,"
"estimate," "believe," "will be," "will continue," "will likely
result," and similar expressions, or future conditional verbs such
as "may," "will," "should," "would," and "could."
Forward-looking statements also 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 2020 Annual Report
on Form 10-K filed with the Securities and Exchange Commission on
March 4, 2021, 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