HOUSTON, July 1, 2020 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) (the "Partnership") announced today that
it has amended its offer to exchange (the "Exchange Offer") any and
all of its 9.50% Series A Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (the "Series A Preferred
Units") for newly issued common units representing limited partner
interests in the Partnership (the "Common Units"). For each
Series A Preferred Unit that is accepted in the Exchange Offer, the
holder will receive 200 Common Units, which is an increase of 50
Common Units, or 33% more than the previous offer of 150 Common
Units. The Exchange Offer is still conditioned on, among
other things, that holders of at least 30,000 Series A Preferred
Units properly tender (and not validly withdrawn) their Series A
Preferred Units prior to the expiration date of the Exchange
Offer. There are no other material changes to the Exchange
Offer, which is still scheduled to expire at 5:00 p.m., New York
City time, on July 17, 2020,
unless extended.
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The complete terms and conditions of the Exchange Offer are set
forth in the Offer to Exchange and related Letter of Transmittal,
as amended and supplemented, that are filed with the U.S.
Securities and Exchange Commission (the "SEC") under cover of
Schedule TO. Copies of the Offer to Exchange and Letter of
Transmittal may be found on the SEC's website
at www.sec.gov, the Partnership's website at
www.summitmidstream.com or may be obtained from the Information
Agent, D.F. King & Co., Inc., at
800-967-5071 (toll free) for unitholders, 212-269-5550 for banks
and brokers or summitmidstream@dfking.com. The Depositary, American
Stock Transfer & Trust Company, LLC can be contacted at
877-248-6417 (toll free) or 718-921-8317.
THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL ANY SERIES A PREFERRED UNITS, NOR
IS IT AN OFFER TO SELL OR A SOLICITATION TO BUY ANY COMMON UNITS.
THIS PRESS RELEASE IS NOT A SOLICITATION FOR ACCEPTANCE OF THE
EXCHANGE OFFER. THE PARTNERSHIP IS MAKING THE EXCHANGE OFFER ONLY
BY, AND PURSUANT TO THE TERMS OF THE OFFER TO EXCHANGE, THE LETTER
OF TRANSMITTAL AND OTHER RELATED DOCUMENTS FILED WITH THE SEC, AS
AMENDED AND SUPPLEMENTED. THE EXCHANGE OFFER IS NOT BEING MADE 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. NONE OF THE PARTNERSHIP, OUR GENERAL PARTNER,
ITS BOARD OF DIRECTORS, OFFICERS OR EMPLOYEES, THE INFORMATION
AGENT OR THE DEPOSITARY FOR THE EXCHANGE OFFER MAKES ANY
RECOMMENDATION IN CONNECTION WITH THE EXCHANGE. THIS PRESS RELEASE
SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS
UNLAWFUL.
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 concerning completion of
the Offer to Exchange, the terms and timing of the Offer to
Exchange, and the impact of completion of the Offer to Exchange.
The Partnership may modify the terms or timing of the Offer to
Exchange with requisite notice. 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 2019 Annual Report on Form 10-K filed with
the Securities and Exchange Commission on March 9,
2020 and Quarterly Report on Form 10-Q for the three months ended
March 31, 2020 filed with the
Securities Exchange Commission on May 8,
2020, each 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