Exhibit 99.1
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Summit Midstream Partners, LP
910 Louisiana Street, Suite 4200
Houston, TX 77002
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Summit Midstream Partners, LP Announces Extension
of Early Tender Deadline
Relating to Tender Offers for Outstanding 2025
and 2022 Senior Notes
Houston, Texas (September 9, 2020) – 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Notes had been validly tendered and not withdrawn and approximately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validly tendered and not withdrawn.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the Tender Offers after that time may not be withdrawn, except as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.