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

Przez Marek Jędrzejewski | W cash payday loans | 20 grudnia, 2020

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 towards 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 now been pleased. Loan providers collectively keeping 100% associated with the aggregate principal amount of claims, like the around $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the „Term Loan”) have actually consented into the TL Restructuring and, at closing, will get their pro rata stocks of consideration comprising $26.5 million of money and about 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (which were modified to correctly mirror the recent 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 17, 2020 november . Upon closing of this TL Restructuring, SMLP will distribute the consideration in to the Term Loan lenders and spend relevant costs, after which the definition of Loan is likely to be completely released and also the Term Loan companies will waive their liberties to your and all sorts of claims against SMP Holdings and its particular 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 price responsibility (the „DPPO”) that SMLP owes to SMP Holdings will concurrently be fully settled with all the closing associated with the TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. After https://spot-loan.net/payday-loans-ms/ this re re re payment, the DPPO is supposed to be completely repaid and vanish. SMP Holdings will make use of the approximate $27.0 million of cash received from SMLP to finance the bucks consideration and specific costs to be compensated into the Term Loan loan providers with the closing associated with the TL Restructuring. SMLP will issue a press launch with updated timing objectives if it deems these transactions not any longer attainable on 17, 2020 november .

About Summit Midstream Partners, LP SMLP is really a value-driven partnership that is limited on developing, getting 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 propane, 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, which include 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 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 posseses an equity investment in Double E Pipeline, LLC, that will be developing gas transmission infrastructure that may offer transport service 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 runs considerable gas 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 are forward-looking inside the meaning associated with federal securities legislation. Forward-looking statements include, without limitation, any declaration which will project, indicate or imply future results, occasions, performance or achievements, for instance the conclusion associated with proposed TL Restructuring and also the settlement that is full termination associated with the Term Loan, and may also retain the terms „expect,” „intend,” „plan,” „anticipate,” „estimate,” „believe,” „will likely to be,” „will stay,” „will more than 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 ( a lot of which are hard to anticipate and beyond administration’s control) that could cause SMLP’s real leads to future durations to vary materially from expected or projected outcomes. a considerable a number of certain 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, sydney on Form 10-Q for the 90 days finished March 31, 2020 filed with the Securities Exchange Commission may 8, 2020 , questionnaire on Form 10-Q for the 3 months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and sydney on Form 10-Q for the 90 days 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 news release, are available at the time of the date of the news release and SMLP undertakes no responsibility to upgrade or revise any forward-looking statements to mirror brand new information or 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 for the outstanding senior records. SMLP promises to continue steadily to assess other obligation management initiatives, in addition to prospective asset product product sales or any other divestitures of assets. There’s absolutely no assurance that some of these asset product sales or any 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, trade provides or else.

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