{"id":382369,"date":"2020-11-16T17:18:30","date_gmt":"2020-11-16T22:18:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382369"},"modified":"2020-11-16T17:18:30","modified_gmt":"2020-11-16T22:18:30","slug":"summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo\/","title":{"rendered":"Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings&#8217; Term Loan Restructuring &amp; Concurrent Full Settlement of DPPO"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">HOUSTON<\/span>, <span class=\"xn-chron\">Nov. 16, 2020<\/span> \/PRNewswire\/ &#8212; Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions to the previously announced consensual Term Loan restructuring transaction (the &#8220;TL Restructuring&#8221;) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (&#8220;SMP Holdings&#8221;) have been satisfied.\u00a0 Lenders collectively holding 100% of the aggregate principal amount of claims, including the approximately <span class=\"xn-money\">$155.2 million<\/span> in principal amount outstanding, under SMP Holdings&#8217; Term Loan (the &#8220;Term Loan&#8221;) have consented to the TL Restructuring and, at closing, will receive their pro rata shares of consideration consisting of <span class=\"xn-money\">$26.5 million<\/span> of cash and approximately 2.3 million SMLP common units currently pledged as collateral under the Term Loan (which have been adjusted to properly reflect the recent 1-for-15 reverse SMLP common unit split) in full satisfaction of SMP Holdings&#8217; outstanding obligations under the Term Loan.\u00a0 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/74903\/summit_midstream_partners_logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/74903\/summit_midstream_partners_logo.jpg\" title=\"Summit Midstream Partners Logo. (PRNewsFoto\/Summit Midstream Partners)\" alt=\"Summit Midstream Partners Logo. (PRNewsFoto\/Summit Midstream Partners)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>The TL Restructuring is expected to close on <span class=\"xn-chron\">November 17, 2020<\/span>. Upon closing of the TL Restructuring, SMLP will distribute the consideration to the Term Loan lenders and pay applicable expenses, after which the Term Loan will be fully discharged and the Term Loan lenders will waive their rights to any and all claims against SMP Holdings and its affiliates under the Term Loan and release the non-economic general partner interest in SMLP from SMP Holdings&#8217; collateral package under the Term Loan.<\/p>\n<p>In addition, the <span class=\"xn-money\">$180.75 million<\/span> deferred purchase price obligation (the &#8220;DPPO&#8221;) that SMLP owes to SMP Holdings will be fully settled concurrently with the closing of the TL Restructuring once SMLP makes an approximate <span class=\"xn-money\">$27.0 million<\/span> cash payment to SMP Holdings.\u00a0 Following this payment, the DPPO will be fully repaid and cease to exist.\u00a0 SMP Holdings will utilize the approximate\u00a0$27.0 million of cash received from SMLP to fund the cash consideration and certain expenses to be paid to the Term Loan lenders in conjunction with the closing of the TL Restructuring.\u00a0 SMLP will issue a press release with updated timing expectations if it deems these transactions no longer achievable on <span class=\"xn-chron\">November 17, 2020<\/span>. <\/p>\n<p>\n        <b>About Summit Midstream Partners, LP <br \/><\/b>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.\u00a0 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 <span class=\"xn-location\">Utica<\/span> and Marcellus shale formations in <span class=\"xn-location\">Ohio<\/span> and <span class=\"xn-location\">West Virginia<\/span>; (ii) the <span class=\"xn-location\">Williston<\/span> Basin, which includes the Bakken and Three Forks shale formations in <span class=\"xn-location\">North Dakota<\/span>; (iii) the Denver-Julesburg Basin, which includes the <span class=\"xn-location\">Niobrara<\/span> and Codell shale formations in <span class=\"xn-location\">Colorado<\/span> and <span class=\"xn-location\">Wyoming<\/span>; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in <span class=\"xn-location\">New Mexico<\/span>; (v) the <span class=\"xn-location\">Fort Worth<\/span> Basin, which includes the Barnett Shale formation in <span class=\"xn-location\">Texas<\/span>; and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the <span class=\"xn-location\">Mancos<\/span> and <span class=\"xn-location\">Niobrara<\/span> shale formations in Colorado.\u00a0 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 <span class=\"xn-location\">Delaware<\/span> Basin to various delivery points in and around the Waha Hub in Texas.\u00a0 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.\u00a0 SMLP is headquartered in <span class=\"xn-location\">Houston, Texas<\/span>.<\/p>\n<p>\n        <b>Forward-Looking Statements<br \/><\/b>This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws.\u00a0 Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, such as the completion of the proposed TL Restructuring and the full settlement and termination of the Term Loan, and may contain the words &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;will be,&#8221; &#8220;will continue,&#8221; &#8220;will likely result,&#8221; and similar expressions, or future conditional verbs such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; and &#8220;could.&#8221; \u00a0Forward-looking statements also contain known and unknown risks and uncertainties\u00a0(many of which are difficult to predict and beyond management&#8217;s\u00a0control) that may cause SMLP&#8217;s actual results in future periods to differ materially from anticipated or projected results.\u00a0 An extensive\u00a0list of specific material risks and uncertainties affecting SMLP is contained in its 2019 Annual Report on Form 10-K filed with the\u00a0Securities and Exchange Commission\u00a0on\u00a0March 9, 2020, Quarterly Report on Form 10-Q for the three months ended <span class=\"xn-chron\">March 31, 2020<\/span> filed with the Securities Exchange Commission on <span class=\"xn-chron\">May 8, 2020<\/span>, Quarterly Report on Form 10-Q for the three months ended <span class=\"xn-chron\">June 30, 2020<\/span> filed with the Securities Exchange Commission on <span class=\"xn-chron\">August 7, 2020<\/span> and Quarterly Report on Form 10-Q for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span> filed with the Securities Exchange Commission on <span class=\"xn-chron\">November 6, 2020<\/span>, 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\u00a0no obligation to update or revise any forward-looking statements to reflect\u00a0new information\u00a0or events.<\/p>\n<p>SMLP is actively engaging in various liability management transactions, including the TL Restructuring discussed above and the recently consummated cash tender offers for its outstanding senior notes. SMLP intends to continue to evaluate other liability management initiatives, as well as potential asset sales or other divestitures of assets. There is no assurance that any of these asset sales or other divestitures will be completed. Other liability management initiatives may involve amendments to SMLP&#8217;s revolving credit facility and\/or additional repurchases of senior notes through open market purchases, privately negotiated transactions, redemptions, additional tender offers, exchange offers or otherwise.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DA93017&amp;sd=2020-11-16\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring--concurrent-full-settlement-of-dppo-301174064.html\">http:\/\/www.prnewswire.com\/news-releases\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring&#8211;concurrent-full-settlement-of-dppo-301174064.html<\/a><\/p>\n<p>SOURCE  Summit Midstream Partners, LP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DA93017&amp;Transmission_Id=202011161714PR_NEWS_USPR_____DA93017&amp;DateId=20201116\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire HOUSTON, Nov. 16, 2020 \/PRNewswire\/ &#8212; Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions to the previously announced consensual Term Loan restructuring transaction (the &#8220;TL Restructuring&#8221;) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (&#8220;SMP Holdings&#8221;) have been satisfied.\u00a0 Lenders collectively holding 100% of the aggregate principal amount of claims, including the approximately $155.2 million in principal amount outstanding, under SMP Holdings&#8217; Term Loan (the &#8220;Term Loan&#8221;) have consented to the TL Restructuring and, at closing, will receive their pro rata shares of consideration consisting of $26.5 million of cash and approximately 2.3 million SMLP common units currently pledged as collateral under the Term Loan (which have been adjusted to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings&#8217; Term Loan Restructuring &amp; Concurrent Full Settlement of DPPO&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-382369","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings&#039; Term Loan Restructuring &amp; Concurrent Full Settlement of DPPO - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings&#039; 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Term Loan (the &#8220;Term Loan&#8221;) have consented to the TL Restructuring and, at closing, will receive their pro rata shares of consideration consisting of $26.5 million of cash and approximately 2.3 million SMLP common units currently pledged as collateral under the Term Loan (which have been adjusted to &hellip; Continue reading \"Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings&#8217; Term Loan Restructuring &amp; Concurrent Full Settlement of DPPO\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-16T22:18:30+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/74903\/summit_midstream_partners_logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-anticipated-closing-date-of-smp-holdings-term-loan-restructuring-concurrent-full-settlement-of-dppo\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings&#8217; 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