Welcome to our dedicated page for Summit Midstream Partners, LP news (Ticker: SMLP), a resource for investors and traders seeking the latest updates and insights on Summit Midstream Partners, LP stock.
Summit Midstream Partners, LP (SMLP) delivers essential midstream energy infrastructure services across major US unconventional basins. This dedicated news hub provides investors and industry professionals with timely updates on operational developments, financial announcements, and strategic initiatives.
Access verified press releases and news coverage detailing SMLP's natural gas gathering systems, crude oil logistics networks, and produced water management solutions. Our curated collection includes earnings reports, partnership announcements, regulatory filings, and infrastructure expansion updates – all critical for understanding the company's position in competitive energy markets.
Key focus areas mirror SMLP's operational footprint: Appalachian Basin activity, Williston Basin developments, and Denver-Julesburg Basin projects. Track updates on fee-based contract renewals, asset optimization strategies, and environmental stewardship initiatives that shape the company's performance.
Bookmark this page for streamlined access to SMLP's latest announcements. Monitor how the company's strategically located assets and long-term customer agreements contribute to midstream energy reliability across North America's shale formations.
Summit Midstream Partners, LP (NYSE: SMLP) announced the completion of its conversion from a master partnership to a C-, effective August 1, 2024. The new entity, Summit Midstream , will trade on the NYSE under the ticker symbol "SMC". This Corporate Reorganization, approved by unitholders on July 18, 2024, involves exchanging each of the 10,648,685 outstanding common units for one share of common stock in New Summit. Additionally, 65,508 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units will be exchanged for equivalent shares of Series A Preferred Stock. The Series A Preferred Stock will not be listed on any securities exchange.
Summit Midstream Partners, LP (NYSE: SMLP) announced the results and pricing of its cash tender offer for its subsidiaries' 8.500% Senior Secured Second Lien Notes due 2026. The tender offer expired on July 23, 2024, with $649,805,000 or 85.00% of the $764,464,000 outstanding notes validly tendered. The purchase price is set at $1,029.64 per $1,000 principal amount of notes, plus accrued interest. The settlement date is expected to be July 26, 2024.
The offer is funded by the sale of $575,000,000 in aggregate principal amount of new 8.625% Senior Secured Second Lien Notes due 2029. The tender offer's completion is subject to conditions including the consummation of this new financing.
Summit Midstream Partners, LP (NYSE: SMLP) announced that unitholders approved the conversion from a master partnership to a C- at the Special Meeting. Over 88% of votes were in favor of the Corporate Reorganization, with an anticipated effective date of August 1, 2024. The company also priced an upsized offering of $575 million in 8.625% Senior Secured Second Lien Notes due 2029, which, along with an expected upsizing of the ABL credit facility from $400 million to $500 million, will provide improved financial flexibility.
Summit will host its Q2 2024 earnings call on August 9, 2024. The company also announced the availability of 2023 K-3 tax forms for unitholders.
Summit Midstream Partners, LP (NYSE: SMLP) has announced the pricing of an upsized offering of $575 million in 8.625% Senior Secured Second Lien Notes due 2029. The proceeds will be used to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due 2026 and 5.75% Senior Notes due 2025, pay accrued interest, and for general partnership purposes. The offering is expected to close around July 26, 2024.
The new notes will be guaranteed on a senior second-priority basis by the Partnership and certain subsidiaries, secured by the same collateral pledged for the ABL Facility. The notes are being offered only to qualified institutional buyers in the US and to persons outside the US in compliance with Regulation S under the Securities Act.
Summit Midstream Partners, LP (NYSE: SMLP) announced that its subsidiaries, Summit Midstream Holdings, and Summit Midstream Finance Corp., have launched a cash tender offer to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026. The offer expires on July 23, 2024, at 5:00 P.M., New York City time. The purchase price will be determined based on a fixed spread plus the yield of the specified U.S. Treasury Reference Security. The tender offer is subject to certain conditions, including a new offering of at least $500.0 million in senior secured second lien notes. RBC Capital Markets, is acting as the Dealer Manager for the tender offer.
Summit Midstream Partners, LP (NYSE: SMLP) has announced that its subsidiary, Summit Midstream Holdings, , is offering $500 million in Senior Secured Second Lien Notes due 2029. The proceeds will be used to:
- Repurchase or redeem all of SMLP's 8.500% Senior Secured Second Lien Notes due 2026 and 5.75% Senior Notes due 2025
- Pay accrued and unpaid interest on these notes
- Fund general partnership purposes, including fees and expenses associated with the offering
The new notes will be guaranteed on a senior second-priority basis by SMLP and certain subsidiaries, secured by the same collateral as the company's asset-based lending credit facility. The offering is to qualified institutional buyers in the US and compliant international investors.
Summit Midstream Partners (NYSE: SMLP) announced plans to convert from a master partnership (MLP) to a C- A Special Meeting for common unitholders to vote on this reorganization is scheduled for July 18, 2024. The Board recommends voting 'FOR' the change, citing benefits such as reduced tax burdens, improved trading liquidity, and simplified structure. Heath Deneke, CEO, emphasized the positive impacts on unitholders, including tax advantages and enhanced transparency. The reorganization is expected to close later in 2024, pending unitholder approval.
Summit Midstream Partners, LP (NYSE: SMLP) announced the results of its Asset Sale Offer to purchase up to $215 million of its outstanding 8.500% Senior Secured Second Lien Notes due 2026. The offer expired on June 5, 2024, with only $6.91 million, or approximately 0.90%, of the Notes tendered and accepted for payment. Payment will be made on June 6, 2024.
Summit Midstream Partners, LP announced an Asset Sale Offer to purchase up to $215,000,000 of their outstanding 8.500% Senior Secured Second Lien Notes due 2026. The offer will expire on June 5, 2024, and is being made in accordance with the indenture governing the Notes. If the Notes tendered exceed the offer amount, they will be purchased on a pro rata basis. The Issuers may use any remaining offer amount for other purposes permitted by the indenture.
Antero Midstream announced a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million, increasing 2024 guidance, and redeeming 2026 Senior Notes. The acquisition is expected to boost Free Cash Flow, EBITDA, and Free Cash Flow after dividends. The company aims to enhance shareholder value through strategic acquisitions.
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