HOUSTON, Jan. 13, 2022 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced
today the preliminary results of 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 (Liquidation Preference $1,000)
(the "Series A Preferred Units") tendered in the Exchange Offer for
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 January 12, 2022
(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, 77,939 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tendered (and not validly withdrawn).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Preferred Units properly tendered (and not validly withdrawn) is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 January 14, 2022.
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
provides natural gas 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
("SEC") on March 4, 2021 and in its
Quarterly Report on Form 10-Q for the three months ended
March 31, 2021 filed with the SEC on
May 7, 2021, its Quarterly Report on
Form 10-Q for the three months ended June
30, 2021 filed with the SEC on August
9, 2021 and its Quarterly Report on Form 10-Q for the three
months ended September 30, 2021 filed
with the SEC on November 5, 2021,
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