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HOUSTON, July 31, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP"), announced today that it will complete the previously announced conversion (the "Corporate Reorganization") from a master limited partnership to a C-corporation on Thursday, August 1, 2024. Pursuant to the Corporate Reorganization, the unitholders of the Partnership will become shareholders of Summit Midstream Corporation ("New Summit"). The Common Stock will commence trading on the New York Stock Exchange on Thursday, August 1, 2024 under the ticker symbol "SMC." As previously announced, unitholders approved the Corporate Reorganization, along with all other proposals presented, at the Partnership's Special Meeting of Unitholders held on July 18, 2024.
HOUSTON, July 23, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today the results and the pricing terms of the previously announced cash tender offer (the "Tender Offer") by Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") from holders thereof (the "Holders"). The Tender Offer expired at 5:00 P.M., New York City Time, on July 23, 2024 (the "Expiration Time"). As of the Expiration Time, $649,805,000 or 85.00% of the $764,464,000 outstanding aggregate principal amount of the Notes had been validly tendered and not validly withdrawn in the Tender Offer. The principal amount tendered excludes $113,000 aggregate principal amount of the Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase (as defined below) and the related Notice of Guaranteed Delivery provided in connection therewith, which remain subject to the Holders' performance of the delivery requirements under such procedures.
Summit Schedules Second Quarter 2024 Earnings Call and Announces 2023 K-3 Tax Form Availability
HOUSTON, July 18, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that, at its Special Meeting of Unitholders ("Special Meeting") held today, unitholders voted to approve the conversion from a master limited partnership ("MLP") to a C-corporation (the "Corporate Reorganization").
HOUSTON, July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC, which is a subsidiary of the Partnership, priced an upsized offering (the "Offering") of $575 million in aggregate principal amount of new 8.625% Senior Secured Second Lien Notes due 2029 (the "New Notes"). The Partnership intends to use the net proceeds from the Offering, together with cash on hand and borrowings under the Partnership's asset-based lending credit facility (as amended and restated, the "ABL Facility") (i) to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due 2026 (the "2026 Secured Notes") and 5.75% Senior Notes due 2025 (the "2025 Notes"), (ii) to pay accrued and unpaid interest on the 2026 Secured Notes and the 2025 Notes and (iii) for general partnership purposes, including to pay fees and expenses associated with the Offering and the repurchase of the 2026 Secured Notes for cash, subject to certain conditions. The Offering is expected to close on or about July 26, 2024, subject to customary closing conditions.
HOUSTON, July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, have commenced a cash tender offer (the "Tender Offer") to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes"). The Tender Offer is being made pursuant to, and upon the terms and conditions set forth in, an Offer to Purchase, dated as of the date hereof (the "Offer to Purchase"), and the accompanying Notice of Guaranteed Delivery (as they may each be amended or supplemented from time to time, the "Tender Offer Documents").
HOUSTON, July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC (the "Issuer"), which is a subsidiary of the Partnership, has commenced an offering (the "Offering") of $500 million in aggregate principal amount of new Senior Secured Second Lien Notes due 2029 (the "New Notes"). The Partnership intends to use the net proceeds from the Offering, together with cash on hand and borrowings under the Partnership's asset-based lending credit facility (as amended and restated, the "ABL Facility") (i) to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due 2026 (the "2026 Secured Notes") and 5.75% Senior Notes due 2025 (the "2025 Notes"), (ii) to pay accrued and unpaid interest on the 2026 Secured Notes and the 2025 Notes and (iii) for general partnership purposes, including to pay fees and expenses associated with the Offering and the repurchase of the 2026 Secured Notes for cash, subject to certain conditions.
Schedules July 18th Special Meeting for Unitholder Approval: Recommends Common Unitholders Vote "FOR" C-Corporation Conversion
Files Investor Presentation, Outlining Benefits for Summit Unitholders
HOUSTON, June 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that it filed a proxy statement/prospectus (the "Proxy Statement/Prospectus") and investor presentation and scheduled a Special Meeting of Common Unitholders (the "Special Meeting") to vote on the reorganization from a master limited partnership ("MLP") to a C-corporation.
HOUSTON, June 6, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced the expiration and results of the previously announced cash tender offer (the "Asset Sale Offer") of Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase up to $215,000,000 aggregate principal amount of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.
HOUSTON, May 7, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, are commencing a cash tender offer (the "Asset Sale Offer") to purchase up to $215,000,000 aggregate principal amount (the "Asset Sale Offer Amount") of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.
HOUSTON, May 2, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for the three months ended March 31, 2024.
Highlights
Reduced net leverage ratio to approximately 3.9x, a dramatic reduction from 5.4x in the fourth quarter of 2023, furthering progress toward achieving 3.5x net leverage target