HOUSTON, Dec. 24, 2020 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced
today the preliminary results of its offer to purchase (the "Tender
Offer") for cash up to $25,000,000.00
aggregate purchase price of its 9.50% Series A Fixed-to-Floating
Rate Cumulative Redeemable Perpetual Preferred Units (the "Series A
Preferred Units"), which expired at 11:59
p.m., New York City time,
on December 23, 2020. Based on
preliminary information provided by D.F. King & Co., Inc., the
tender and information agent for the Tender Offer (the "Tender and
Information Agent"), 92,681 Series A Preferred Units were validly
tendered and not properly withdrawn under the Tender Offer.
The number of Series A Preferred Units validly tendered and not
properly withdrawn is preliminary and subject to verification by
the Tender and Information Agent.
Since the number of Series A Preferred Units validly tendered
and not properly withdrawn exceeds the maximum aggregate purchase
price of $25,000,000.00, the
Partnership plans on accepting approximately 75,075 Series A
Preferred Units. Holders who owned fewer than 100 Series A
Preferred Units, or an "odd-lot," who have validly tendered and not
properly withdrawn all of their Series A Preferred Units, will not
be subject to proration, in accordance with the terms of the Tender
Offer. Based on the preliminary tender count, the Partnership
has been informed by the Tender and Information Agent that the
preliminary proration factor for the Tender Offer, after giving
effect to the priority for odd-lot holders, is approximately
80.91%. This proration factor is preliminary and subject to
change. The Partnership expects to issue payment for the Series A
Preferred Units tendered and accepted for purchase under the Tender
Offer on December 29, 2020.
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 Tender Offer
and the terms and timing of the settlement of the Tender
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 (the "SEC") on March 9, 2020,
Quarterly Report on Form 10-Q for the three months ended
March 31, 2020 filed with the SEC on
May 8, 2020, Quarterly Report on Form
10-Q for the three months ended June 30,
2020 filed with the SEC on August 10,
2020 and Quarterly Report on Form 10-Q for the three months
ended September 30, 2020 filed with
the SEC on November 6, 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