HOUSTON, Sept. 9, 2020 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP")
announced today that its subsidiaries, Summit Midstream Holdings,
LLC and Summit Midstream Finance Corp. (collectively, the
"Issuers"), have amended their previously announced cash tender
offers (the "Tender Offers") to purchase a portion of the Issuers'
outstanding 5.50% Senior Notes due 2022 ("2022 Notes") and
outstanding 5.75% Senior Notes due 2025 ("2025 Notes" and, together
with the 2022 Notes, the "Notes") in separate modified "Dutch
Auctions" pursuant to the terms and subject to the conditions set
forth in the Offer to Purchase,
dated August 25, 2020 (as may be
amended or supplemented from time to time, the "Offer to
Purchase"). The maximum amount of
2025 Notes that may be purchased in the Tender Offers will be a
principal amount of 2025 Notes that could be purchased with a
purchase price, excluding Accrued Interest (as defined in the Offer
to Purchase), of up to
$60,000,000, and the maximum amount
of 2022 Notes that may be purchased in the Tender Offers will be a
principal amount of 2022 Notes that could be purchased with a
purchase price, excluding Accrued Interest, of up to $60,000,000 less the aggregate purchase price,
excluding Accrued Interest, of 2025 Notes purchased in the Tender
Offers.
The Issuers are extending the Early Tender Deadline (as defined
in the Offer to Purchase) to
5:00 p.m., New York City time, on Wednesday, September 16, 2020.
As of 5:00 p.m., New York City time, on Tuesday, September 8, 2020, according to
information provided by D.F. King & Co., Inc., the Tender and
Information Agent for the Tender Offers, approximately $32,919,000 aggregate principal amount of the
2022 Notes had been validly tendered and not withdrawn and
approximately $33,012,000 aggregate
principal amount of the 2025 Notes had been validly tendered and
not withdrawn. The Withdrawal Deadline (as defined in the Offer to
Purchase) expired at 5:00 p.m., New York
City time, on September 8,
2020. As such, Notes tendered in the Tender Offers after
that time may not be withdrawn, except as required by law.
The Tender Offers remain scheduled to expire at 11:59 p.m., New York
City time, on September 22,
2020, unless extended. The Issuers plan to settle the Tender
Offers on September 24, 2020.
The complete terms and conditions of the Tender Offers are set
forth in the Offer to Purchase
that was sent to the Holders. Copies of the Offer to
Purchase may be obtained from the Tender and Information
Agent, D.F. King & Co., Inc., at
800-967-5084 (toll free) for noteholders, 212-269-5550 for banks
and brokers or smlp@dfking.com.
THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO
SELL ANY OF THE NOTES. THIS PRESS RELEASE IS NOT A SOLICITATION FOR
ACCEPTANCE OF THE TENDER OFFERS. THE PARTNERSHIP IS MAKING THE
TENDER OFFERS ONLY BY, AND PURSUANT TO THE TERMS OF THE OFFER TO
PURCHASE AND OTHER RELATED
DOCUMENTS. THE TENDER OFFERS ARE 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 ISSUERS, THE PARTNERSHIP, OUR GENERAL
PARTNER, ITS BOARD OF DIRECTORS, OFFICERS OR EMPLOYEES, THE TENDER
AND INFORMATION AGENT OR THE DEALER MANAGER FOR THE TENDER OFFERS
MAKES ANY RECOMMENDATION IN CONNECTION WITH THE TENDER OFFERS. THIS
PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE
IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS
UNLAWFUL.
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 Offers, the terms and timing of the Tender Offers, and
the impact of completion of the Tender Offers. The Issuers may
modify the terms or timing of the Tender Offers with requisite
notice. Forward-looking statements include, without
limitation, any statement that may project, indicate or imply
future results, events, performance or achievements including
statements about the Tender Offers and statements about the Notes
that remain outstanding after the Tender Offers, 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 on March 9, 2020, Quarterly Report on
Form 10-Q for the three months ended March
31, 2020 filed with the Securities Exchange Commission on
May 8, 2020, and Quarterly Report on
Form 10-Q for the three months ended June
30, 2020 filed with the Securities Exchange Commission on
August 10, 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.
SOURCE: Summit Midstream Partners, LP
View original content to download
multimedia:http://www.prnewswire.com/news-releases/summit-midstream-partners-lp-announces-extension-of-early-tender-deadline-relating-to-tender-offers-for-outstanding-2025-and-2022-senior-notes-301126085.html
SOURCE Summit Midstream Partners, LP