HOUSTON, Dec. 10, 2020 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced
today that it has further amended its previously announced offer to
purchase (the "Tender Offer") 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 "Series A Preferred Units").
For each Series A Preferred Unit that is accepted in the Tender
Offer, the holder will receive $333.00 (the "Purchase Price"), 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. 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. Due to the change
in Purchase Price, the Partnership has extended the expiration date
of the Tender Offer to 11:59 p.m.,
New York City time on December 23, 2020 (the "Expiration Date"), unless
further extended. 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 5:00 p.m.,
New York City time on December 9, 2020, based on preliminary
information provided by D.F. King & 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Units were properly tendered and not validly withdrawn under the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.
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 "SEC") under cover of
Schedule TO-I and TO-I/A. Copies of the Offer
to Purchase and Letter of Transmittal may be found on the SEC's
website at www.sec.gov, the Partnership's website at
www.summitmidstream.com or may be obtained from the Tender and
Information Agent, D.F. King & Co., Inc.,
at 800-669-5550 (toll free) for
unitholders, 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 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.
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 Offer, the terms and timing of the Tender Offer, and the
impact of completion of the Tender Offer. The 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
"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 SEC on March 9,
2020, Quarterly Report on Form 10-Q for the three months ended
March 31, 2020 filed with the SEC on
May 8, 2020, Quarterly Report on Form
10-Q for the three months ended June 30,
2020 filed with the SEC on August 10,
2020 and Quarterly Report on Form 10-Q for the three months
ended September 30, 2020 filed with
the SEC on November 6, 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.
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SOURCE Summit Midstream Partners, LP