{"id":397085,"date":"2020-12-10T06:48:38","date_gmt":"2020-12-10T11:48:38","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397085"},"modified":"2020-12-10T06:48:38","modified_gmt":"2020-12-10T11:48:38","slug":"summit-midstream-partners-lp-announces-second-amendment-to-cash-tender-offer-for-its-series-a-preferred-units","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-second-amendment-to-cash-tender-offer-for-its-series-a-preferred-units\/","title":{"rendered":"Summit Midstream Partners, LP Announces Second Amendment to Cash Tender Offer for Its Series A Preferred Units"},"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\">Dec. 10, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0Summit Midstream Partners, LP (NYSE: SMLP) (the &#8220;Partnership&#8221;) announced today that it has further amended its previously announced offer to purchase (the &#8220;Tender Offer&#8221;) for cash up to <span class=\"xn-money\">$25,000,000.00<\/span> aggregate purchase price of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the &#8220;Series A Preferred Units&#8221;).\u00a0 For each Series A Preferred Unit that is accepted in the Tender Offer, the holder will receive <span class=\"xn-money\">$333.00<\/span> (the &#8220;Purchase Price&#8221;), which represents a 33.2% increase over the previous offer of <span class=\"xn-money\">$250.00<\/span> and a 66.5% increase over the initial offer of <span class=\"xn-money\">$200.00<\/span>.\u00a0 Assuming that the Tender Offer is fully subscribed, the number of Series A Preferred Units that will be purchased at the Purchase Price under the Tender Offer is approximately 75,075.\u00a0 Due to the change in Purchase Price, the Partnership has extended the expiration date of the Tender Offer to <span class=\"xn-chron\">11:59 p.m.<\/span>, <span class=\"xn-location\">New York City<\/span> time on <span class=\"xn-chron\">December 23, 2020<\/span> (the &#8220;Expiration Date&#8221;), unless further extended.\u00a0 The Partnership will pay the Purchase Price for each Series A Preferred Unit it purchases promptly after the Expiration Date and the acceptance of the Series A Preferred Units for purchase. As of <span class=\"xn-chron\">5:00 p.m.<\/span>, <span class=\"xn-location\">New York City<\/span> time on <span class=\"xn-chron\">December 9, 2020<\/span>, based on preliminary information provided by D.F. King &amp; Co., Inc., the tender and information agent for the Tender Offer, 24,257 Series A Preferred Units were properly tendered and not validly withdrawn under the Tender Offer.\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 complete terms and conditions of the Tender Offer are set forth in the Offer to Purchase and related Letter of Transmittal that are filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) under cover of Schedule\u00a0TO-I\u00a0and\u00a0TO-I\/A.\u00a0Copies of the Offer to Purchase and Letter of Transmittal may be found on the SEC&#8217;s website at\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3008725-1&amp;h=832091670&amp;u=http%3A%2F%2Fwww.sec.gov%2F&amp;a=www.sec.gov\" rel=\"nofollow noopener noreferrer\">www.sec.gov<\/a>, the Partnership&#8217;s website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3008725-1&amp;h=1980573522&amp;u=http%3A%2F%2Fwww.summitmidstream.com%2F&amp;a=www.summitmidstream.com\" rel=\"nofollow noopener noreferrer\">www.summitmidstream.com<\/a> or may be obtained from the Tender and Information Agent, D.F. King\u00a0&amp; Co., Inc., at\u00a0800-669-5550\u00a0(toll free) for unitholders,\u00a0212-269-5550\u00a0for banks and brokers or <a target=\"_blank\" href=\"mailto:smlp@dfking.com\" rel=\"nofollow noopener noreferrer\">smlp@dfking.com<\/a>. <\/p>\n<p>\n        <b>THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL ANY SERIES A PREFERRED UNITS. THIS PRESS RELEASE IS NOT A SOLICITATION FOR ACCEPTANCE OF THE TENDER OFFER. THE PARTNERSHIP IS MAKING THE TENDER OFFER ONLY BY, AND PURSUANT TO THE TERMS OF THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND OTHER RELATED DOCUMENTS FILED WITH THE SEC, AS AMENDED AND SUPPLEMENTED. THE TENDER OFFER IS NOT BEING MADE IN ANY JURISDICTION IN WHICH THE MAKING OR ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE SECURITIES, BLUE SKY OR OTHER LAWS OF SUCH JURISDICTION. NONE OF THE PARTNERSHIP, OUR GENERAL PARTNER, ITS BOARD OF DIRECTORS, OFFICERS OR EMPLOYEES OR THE TENDER AND INFORMATION AGENT FOR THE TENDER OFFER MAKES ANY RECOMMENDATION IN CONNECTION WITH THE TENDER OFFER. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS UNLAWFUL.<\/b>\n      <\/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, including, without limitation, information concerning completion of the Tender Offer, the terms and timing of the Tender Offer, and the impact of completion of the Tender Offer.\u00a0The Partnership may modify the terms or timing of the Tender Offer with requisite notice. 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 &#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\u00a0SEC\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 SEC 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 SEC on <span class=\"xn-chron\">August 10, 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 SEC 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>\u00a0<\/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=DA19650&amp;sd=2020-12-10\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/summit-midstream-partners-lp-announces-second-amendment-to-cash-tender-offer-for-its-series-a-preferred-units-301190113.html\">http:\/\/www.prnewswire.com\/news-releases\/summit-midstream-partners-lp-announces-second-amendment-to-cash-tender-offer-for-its-series-a-preferred-units-301190113.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=DA19650&amp;Transmission_Id=202012100645PR_NEWS_USPR_____DA19650&amp;DateId=20201210\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire HOUSTON, Dec. 10, 2020 \/PRNewswire\/ &#8212;\u00a0Summit Midstream Partners, LP (NYSE: SMLP) (the &#8220;Partnership&#8221;) announced today that it has further amended its previously announced offer to purchase (the &#8220;Tender Offer&#8221;) 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 &#8220;Series A Preferred Units&#8221;).\u00a0 For each Series A Preferred Unit that is accepted in the Tender Offer, the holder will receive $333.00 (the &#8220;Purchase Price&#8221;), which represents a 33.2% increase over the previous offer of $250.00 and a 66.5% increase over the initial offer of $200.00.\u00a0 Assuming that the Tender Offer is fully subscribed, the number of Series A Preferred Units that will be purchased at the Purchase &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/summit-midstream-partners-lp-announces-second-amendment-to-cash-tender-offer-for-its-series-a-preferred-units\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Summit Midstream Partners, LP Announces Second Amendment to Cash Tender Offer for Its Series A Preferred Units&#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-397085","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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