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 into the formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) have already been pleased. Loan providers collectively keeping 100% for the aggregate principal amount of claims, such as the roughly $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented towards the TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of money and roughly 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (which were modified to properly mirror the current 1-for-15 reverse SMLP common product split) in complete 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 relevant costs, after which the definition of Loan is supposed to be completely discharged as well as 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 partner that is general 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 be completely settled simultaneously aided by the closing of this TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After this re re payment, the DPPO are completely repaid and disappear. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to finance the money consideration and expenses that are certain be compensated to the Term Loan companies with the closing regarding the TL Restructuring. SMLP will issue a press launch with updated timing objectives if it deems these transactions not any longer attainable on November 17, 2020 .

About Summit Midstream Partners, LP SMLP is a value-driven partnership that is limited on developing, having and running midstream power infrastructure assets which are situated near commercial establishments in unconventional resource basins, mainly shale formations, within the continental united states of america. SMLP provides gas that is natural crude oil and produced water gathering services pursuant to mainly long-lasting and fee-based gathering and online payday OR 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, which include the Niobrara and Codell shale formations in Colorado and Wyoming ; (iv) the Permian Basin, which include 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, which include the Mesaverde development along with the Mancos and Niobrara shale formations in Colorado. SMLP comes with an equity investment in Double E Pipeline, LLC, that is developing propane transmission infrastructure which will offer transport solution from numerous receipt points into the Delaware Basin to various distribution points close to the Waha Hub in Texas. SMLP has also an equity investment in Ohio Gathering, which runs substantial propane gathering 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 objectives money for hard times which can be forward-looking in the concept for the federal securities laws and regulations. Forward-looking statements include, without limitation, any declaration that could project, indicate or imply future results, occasions, performance or achievements, like the conclusion associated with proposed TL Restructuring as well as the settlement that is full termination associated with Term Loan, that can support the terms “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will undoubtedly be,” “will stay,” “will most likely outcome,” and comparable expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements additionally have understood and unknown dangers and uncertainties ( lots of which are difficult 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 list that is extensive of product dangers 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, questionnaire on Form 10-Q for the 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , sydney on Form 10-Q when it comes to 3 months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and questionnaire on Form 10-Q for the 3 months finished September 30, 2020 filed with the Securities Exchange Commission on November 6, 2020 , each as amended and updated every once in awhile. Any forward-looking statements in this news release, are manufactured at the time of the date of the pr release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror information that is new occasions.

SMLP is earnestly participating in different obligation administration deals, such as the TL Restructuring talked about above and the recently consummated money tender provides because of its outstanding notes that are senior. SMLP promises to continue steadily to assess other obligation administration initiatives, along with possible asset product sales or any other divestitures of assets. There is absolutely no assurance that some of these asset product sales or other divestitures will soon be finished. Other liability 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, trade provides or perhaps.

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