HOUSTON, Dec. 29, 2020 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced
today the final 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
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not properly withdrawn under the Tender Offer.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 Partnership accepted 75,075 Series A Preferred Units for a
purchase price of $333.00 per Series
A Preferred Unit, subject to applicable withholding taxes, for an
aggregate purchase price of approximately $25,000,000.00. The Tender Offer was
oversubscribed, and, pursuant to the terms of the Tender Offer,
Series A Preferred Units validly tendered and not properly
withdrawn were accepted on a pro rata basis, except for tenders of
odd lots, which were accepted in full. The Partnership has
been informed by the Tender and Information Agent that the
proration factor for the Tender Offer, after giving effect to the
priority for odd-lot holders, is approximately 80.92%. The
Partnership will promptly issue payment for the Series A Preferred
Units properly tendered and accepted for purchase and will return
all other Series A Preferred Units tendered and not accepted for
purchase.
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