Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

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Nov 16, 2020, 17:15 ET

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HOUSTON , Nov. 16, 2020 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions to your formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) are pleased. Loan providers collectively keeping 100% for the aggregate principal amount of claims, like the more or less $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented towards the TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of money and about 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (that have been modified to correctly mirror the current 1-for-15 reverse SMLP unit that is common) in complete satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan.

The TL Restructuring is anticipated to shut on 17, 2020 november . Upon closing of this TL Restructuring, SMLP will circulate the consideration in to the Term Loan lenders and spend relevant costs, after which the definition of Loan will undoubtedly be completely released additionally the Term Loan companies will waive their liberties to virtually any and all sorts of claims against SMP Holdings as well as its affiliates under the Term Loan and launch the non-economic partner that is general in SMLP from SMP Holdings’ collateral package beneath the Term Loan.

In addition, the $180.75 million deferred purchase cost responsibility (the “DPPO”) that SMLP owes to SMP Holdings will concurrently be fully settled because of the closing for the TL Restructuring once SMLP makes an approximate $27.0 million money re re re payment to SMP Holdings. After this payment, the DPPO is likely to be completely repaid and disappear. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to finance the money consideration and expenses that are certain be compensated to your Term Loan companies in conjunction with the closing associated with the TL Restructuring. SMLP will issue a news launch with updated timing objectives if it deems these transactions no more attainable on 17, 2020 november .

About Summit Midstream Partners, LP SMLP is really a value-driven partnership that is limited on developing, possessing and running midstream power infrastructure assets which are situated near commercial establishments in unconventional resource basins, mainly shale formations, into the continental united states of america. SMLP provides propane, crude oil and produced water gathering services pursuant to mainly long-lasting and fee-based gathering and processing agreements with clients and counterparties in six unconventional resource basins: (i) the Appalachian Basin, including the Utica and Marcellus shale formations in Ohio and West Virginia ; (ii) the Williston Basin, which include the Bakken and Three Forks shale formations in North Dakota ; (iii) the Denver-Julesburg Basin, which include the Niobrara and Codell shale formations in Colorado and Wyoming ; (iv) the Permian Basin, which include the Bone Spring and Wolfcamp formations in brand brand New Mexico ; (v) the Fort Worth Basin, including the Barnett Shale development in Texas ; and (vi) the Piceance Basin, which include the Mesaverde development plus the Mancos and Niobrara shale formations in Colorado. SMLP comes with an equity investment in Double E Pipeline, LLC, which will be developing gas that is natural infrastructure which will offer transport solution from numerous receipt points into the Delaware Basin to different distribution points close to the Waha Hub in Texas. SMLP even offers an equity investment in Ohio Gathering, which runs considerable gas that is natural and condensate stabilization infrastructure within the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas .

Forward-Looking StatementsThis press release includes specific statements concerning objectives for future years which are forward-looking inside the concept associated with the securities laws that are federal. Forward-looking statements include, without limitation, any declaration that could project, indicate or imply future results, occasions, performance or achievements, like the conclusion associated with the proposed TL Restructuring while the settlement that is full termination associated with the Term Loan, that can support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “should be,” “will stay,” “will most likely outcome,” and comparable expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements additionally have understood and risks that are unknown uncertainties ( a lot of which are hard to anticipate and beyond administration’s control) that will cause SMLP’s real leads to future durations to vary materially from anticipated or projected results. a considerable directory of certain product dangers and uncertainties impacting SMLP is found in its 2019 yearly Report on Form 10-K filed using the Securities and Exchange Commission on March 9, 2020, questionnaire on Form 10-Q for the 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney on Form 10-Q when it comes to 90 days ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and sydney on Form 10-Q when it comes to 90 days finished September 30, 2020 filed with the Securities Exchange Commission on November 6, 2020 , each as amended and updated every so often. Any forward-looking statements in this news release, are produced as of the date of the news release and SMLP undertakes no responsibility to update or revise any forward-looking statements to mirror brand new information or activities.

SMLP is earnestly doing different obligation management deals, such as the TL Restructuring talked about above as well as the recently consummated money tender provides because of its outstanding notes that are senior. SMLP promises to continue steadily to assess other obligation administration initiatives, along with prospective asset product sales or other divestitures of assets. There is absolutely no assurance that some of these asset product product product sales or any other divestitures are going to be finished. Other obligation administration initiatives may include amendments to SMLP’s revolving credit facility and/or additional repurchases of senior records through available market acquisitions, independently negotiated transactions, redemptions, extra tender provides, trade provides or elsewhere.

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