HOUSTON, July 29, 2020 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced
today preliminary results regarding 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"), which expired at 5:00
p.m., New York City time on
July 28, 2020 (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,
62,816 Series A Preferred Units had been 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withdrawn.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tendered and not validly withdrawn is preliminary and is subject to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 July 31, 2020.
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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 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