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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.
Summit Midstream Partners, LP reported its Q1 2024 financial results, with net income of $132.9 million, adjusted EBITDA of $70.1 million, DCF of $32.5 million, and FCF of $17.2 million. Reduced net leverage ratio to 3.9x, connected 71 wells, and concluded the Double E open season successfully. Pro forma 2024 Adjusted EBITDA guidance of $170-200 million. Sold Northeast assets, revised focus on Rockies and Permian segments, maintaining liquidity and de-leveraging efforts.
