Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

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Nov 16, 2020, 17:15 ET

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HOUSTON , Nov. 16, 2020 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions to your formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) are pleased. Loan providers collectively keeping 100% regarding the aggregate principal amount of claims, such as the about $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented to your TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of money and around 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (which were modified to correctly mirror the current 1-for-15 reverse SMLP unit that is common) in full satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan

The TL Restructuring is anticipated to shut on November 17, 2020 . Upon closing of this TL Restructuring, SMLP will circulate the consideration to the Term Loan lenders and spend applicable expenses, after which the definition of Loan is likely to be completely released and also the Term Loan companies will waive their liberties to virtually any and all sorts of claims against SMP Holdings and its own affiliates under the Term Loan and launch the non-economic basic partner interest in SMLP from SMP Holdings’ collateral package beneath the Term Loan.

In addition, the $180.75 million deferred purchase cost responsibility (the “DPPO”) that SMLP owes to SMP Holdings will concurrently be fully settled using the closing of this TL Restructuring once SMLP makes an approximate $27.0 million money re re re payment to SMP Holdings. After this re re re payment, the DPPO should be completely repaid and cease to exist. SMP Holdings will utilize approximate $27.0 million of cash received from SMLP to finance the bucks consideration and expenses that are certain be compensated into the Term Loan loan providers with the closing of this TL Restructuring. SMLP will issue a press launch with updated timing objectives if it deems these transactions no more attainable on 17, 2020 november .

About Summit Midstream Partners, LP SMLP is a value-driven restricted partnership focused on developing, getting and running midstream power infrastructure assets which can be situated near commercial establishments in unconventional resource basins, mainly shale formations, into the continental usa. SMLP provides gas, crude oil and produced water gathering services pursuant to mainly long-lasting and fee-based gathering and processing agreements with clients and counterparties in six unconventional resource basins: (i) the Appalachian Basin, including the Utica and Marcellus shale formations in Ohio and western Virginia ; (ii) the Williston Basin, which include the Bakken and Three Forks shale formations in North Dakota ; (iii) the Denver-Julesburg Basin, including the Niobrara and Codell shale formations in Colorado and Wyoming ; (iv) the Permian Basin, including the Bone Spring and Wolfcamp formations in brand New Mexico ; (v) the Fort Worth Basin, which include the Barnett Shale development in Texas ; and (vi) the Piceance Basin, including the Mesaverde development plus the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, that will be developing gas that is natural infrastructure which will offer transport solution from numerous receipt points into the Delaware Basin to different distribution points close to the Waha Hub in Texas. SMLP even offers an equity investment in Ohio Gathering, which operates substantial gas that is natural and condensate stabilization infrastructure into the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas .

Forward-Looking StatementsThis press release includes particular statements concerning expectations money for hard times which are forward-looking in the concept associated with federal securities guidelines. Forward-looking statements include, without limitation, any declaration which could project, indicate or imply future results, occasions, performance or achievements, like the conclusion associated with the proposed TL Restructuring while the settlement that is full termination for the Term Loan, and could retain the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will likely be,” “will stay,” “will more than likely result,” and comparable expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements additionally have known and risks that are unknown uncertainties ( some of which are tough to anticipate and beyond administration’s control) which could cause SMLP’s real leads to future durations to vary materially from expected or projected outcomes. a considerable selection of certain product risks and uncertainties impacting SMLP is found in its 2019 yearly Report on Form 10-K filed using the Securities and Exchange Commission on March 9, 2020, sydney on Form 10-Q when it comes to 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney on Form 10-Q for the 3 months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and questionnaire on Form 10-Q when it comes to 3 months finished September 30, 2020 filed with the Securities Exchange Commission on November 6, 2020 , each as amended and updated every so often. Any forward-looking statements in this pr release, are produced as of the date with this news release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror information that is new activities.

SMLP is earnestly participating in different obligation administration deals, like the TL Restructuring talked about above as well as the recently consummated money tender provides because of its outstanding senior records. SMLP intends to continue steadily to assess other obligation administration initiatives, in addition to possible asset product product product sales or any other divestitures of assets. There’s absolutely no assurance that some of these asset product product sales or other divestitures will likely to be finished. Other obligation administration initiatives may include amendments to SMLP’s revolving credit facility and/or extra repurchases of senior records through available market acquisitions, independently negotiated transactions, redemptions, extra tender provides, change provides or perhaps.

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