HOUSTON, April 7, 2021 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) (the "Partnership") announced today that
it has amended its offer to exchange (the "Exchange Offer") its
9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable
Perpetual Preferred Units (Liquidation Preference $1,000) (the "Series A Preferred Units") tendered
in the Exchange Offer for up to 2,400,000 newly issued common units
representing limited partner interests in the Partnership (the
"Common Units"). The Partnership has extended the expiration date
of the Exchange Offer to 11:59 p.m.,
New York City time, on
April 13, 2021 (the "Expiration
Date"), unless further extended. The Partnership will issue Common
Units in exchange for Series A Preferred Units that are accepted
for exchange promptly after the Expiration Date. As of 11:59 p.m., New York
City time, on April 6, 2021,
based on preliminary information provided by American Stock
Transfer & Trust Company, LLC, the depositary for the Exchange
Offer (the "Depositary"), 23,912 Series A Preferred Units were
properly tendered (and not validly withdrawn) in the Exchange
Offer. The Exchange Offer is still conditioned on, among other
things, that holders of at least 15,000 Series A Preferred Units
properly tender (and do not validly withdraw) their Series A
Preferred Units prior to the expiration date of the Exchange Offer.
There are no other material changes to the Exchange Offer.
The complete terms and conditions of the Exchange Offer are set
forth in the Offer to Exchange and related Letter of Transmittal,
as amended and supplemented, that are filed with the U.S.
Securities and Exchange Commission (the "SEC") under cover of
Schedule TO. Copies of the Offer to Exchange 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 Information
Agent, D.F. King & Co., Inc., at
800-967-5071 (toll free) for unitholders, 212-269-5550 for banks
and brokers or summitmidstream@dfking.com. The Depositary can
be contacted at 877-248-6417 (toll free) or 718-921-8317.
THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL ANY SERIES A PREFERRED UNITS, NOR
IS IT AN OFFER TO SELL OR A SOLICITATION TO BUY ANY COMMON UNITS.
THIS PRESS RELEASE IS NOT A SOLICITATION FOR ACCEPTANCE OF THE
EXCHANGE OFFER. THE PARTNERSHIP IS MAKING THE EXCHANGE OFFER ONLY
BY, AND PURSUANT TO THE TERMS OF THE OFFER TO EXCHANGE, THE LETTER
OF TRANSMITTAL AND OTHER RELATED DOCUMENTS FILED WITH THE SEC, AS
AMENDED AND SUPPLEMENTED. THE EXCHANGE 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, THE INFORMATION
AGENT OR THE DEPOSITARY FOR THE EXCHANGE OFFER MAKES ANY
RECOMMENDATION IN CONNECTION WITH THE EXCHANGE. 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 Offer to
Exchange, the terms and timing of the Offer to Exchange, and the
impact of completion of the Offer to Exchange. The Partnership may
modify the terms or timing of the Offer to Exchange 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
2020 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 4, 2021, 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/summit-midstream-partners-lp-announces-extension-of-expiration-date-in-series-a-preferred-unit-exchange-offer-301263635.html
SOURCE Summit Midstream Partners, LP