HOUSTON, Feb. 2, 2021 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP") announced
today that its wholly-owned, indirect subsidiary, Summit Permian
Transmission, LLC, has received $175
million of commitments from three leading commercial banks
to finance the development of its Double E Pipeline Project
("Double E"). The lenders have committed to provide senior
secured credit facilities consisting of a $160 million delayed draw term loan facility and
a $15 million working capital
facility (collectively, the "Credit Facilities"). The Credit
Facilities are non-recourse to SMLP and mature seven years after
the date of initial borrowing. SMLP expects to close and fund
on the Credit Facilities shortly and will post a $15 million letter of credit under its corporate
revolving credit facility to support back-end equity contributions,
if any needed, upon first funding.
Heath Deneke, President, Chief
Executive Officer and Chairman, commented, "I am pleased that we
have secured financing commitments for substantially all of
Summit's expected remaining capital obligations for the
construction of Double E. I would like to thank our bank
group for their support of Double E and believe this is a testament
to the quality of this world class project. This further
advances the Double E project toward our expected in-service date
during the fourth quarter of 2021. With our previously
announced notice to proceed with construction from the FERC, we
commenced construction activities to deliver this project in
service in a safe manner, on time and under budget."
Kirkland & Ellis LLP is representing Summit Permian
Transmission, LLC and Latham & Watkins LLP is representing the
lenders on the financing.
SMLP also announced today that it will report operating and
financial results for the fourth quarter of 2020 on Friday, February 26, 2021, before the start of
trading on the New York Stock Exchange. SMLP will host a
conference call at 10:00 a.m. Eastern
on Friday, February 26, 2021, to
discuss its quarterly operating and financial results.
Interested parties may participate in the call by dialing
847-585-4405 or toll-free 888-771-4371 and entering the passcode
50087230. The conference call, live webcast and archive of
the call can be accessed through the Investors section of SMLP's
website at www.summitmidstream.com.
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. Forward-looking statements 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, and 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