Summit Midstream Partners, LP - SMLP STOCK NEWS

Summit Midstream Partners, LP (NYSE: SMLP) has received consent from over 73% of lenders for a restructuring of its $155.2 million Term Loan. The restructuring will involve a total consideration of $26.5 million in cash and 34.6 million common units to consenting lenders. Additionally, SMLP entered a repurchase agreement to buy back $95.6 million of senior notes at a 32% discount, reducing its debts by approximately $306.5 million since late May 2020. These moves aim to enhance financial stability and accelerate deleveraging, reducing net debt by about $113 million.

Summit Midstream Partners, LP (SMLP) announced a Transaction Support Agreement with lenders holding 66% of its $155.2 million Term Loan. This restructuring, expected to close in Q4 2020, will occur through an out-of-court foreclosure process. SMLP aims to fully settle a $180.75 million deferred purchase price obligation with a $26.5 million cash payment. Following these transactions, approximately $454 million in obligations will be retired, enhancing financial flexibility. CEO Heath Deneke stated this initiative simplifies capital structure and benefits common unitholders.

Summit Midstream Partners, LP (SMLP) announced the expiration of its cash tender offers for its 5.75% Senior Notes due 2025 and 5.50% Senior Notes due 2022. Approximately $38.69 million of 2025 Notes and $33.54 million of 2022 Notes were validly tendered. The offers will settle on September 24, 2020, with payments of $575 and $700 per $1,000 principal amount, respectively. The retirement of $72.23 million in principal amount represents a 34% discount, reducing future outstanding notes. SMLP aims to retire a total of $210.88 million in Notes through ongoing debt buybacks.

Summit Midstream Partners (SMLP) announced an extension of the Early Tender Deadline for its cash Tender Offers to purchase portions of its 5.50% Senior Notes due 2022 and 5.75% Senior Notes due 2025. The new deadline is set for 5:00 p.m. on September 16, 2020. As of September 8, 2020, approximately $32.9 million of 2022 Notes and $33.0 million of 2025 Notes had been tendered. The Tender Offers are scheduled to expire on September 22, 2020, with settlement expected on September 24, 2020.

Summit Midstream Partners, LP (SMLP) announced cash tender offers to purchase up to $60 million of its 5.75% Senior Notes due 2025 and 5.50% Senior Notes due 2022. The tender offers are structured as modified Dutch Auctions, allowing holders to specify the minimum consideration they would accept. The deadline for early tenders is September 8, 2020, with a final expiration on September 22, 2020. Holders will receive accrued interest and, if submitted early, an additional $25 per note. D.F. King & Co., Inc. is the Tender and Information Agent.

Summit Midstream Partners has appointed James Johnston as Executive Vice President, General Counsel, and Chief Compliance Officer, effective September 4, 2020. With over 23 years of legal experience in the midstream sector, Johnston previously held senior roles at Crestwood Equity Partners and Kinder Morgan. His expertise is expected to positively impact Summit's strategic initiatives. The company focuses on midstream energy infrastructure across major U.S. shale formations, providing essential gathering and processing services under long-term contracts.

Summit Midstream Partners reported financial results for Q2 2020, achieving $56.7 million in net income and $64.6 million in adjusted EBITDA. A significant portion of the net income stemmed from a $54.2 million gain from debt extinguishment. Natural gas throughput increased to 1,391 MMcf/d, while liquids throughput averaged 76 Mbbl/d, though impacted by temporary shut-ins. The company revised its full-year adjusted EBITDA guidance down to $250 million to $260 million. Efforts to strengthen its balance sheet include debt repurchases totaling $137.9 million at a significant discount.

Summit Midstream Partners, LP (SMLP) announced the final results of its Exchange Offer for 9.50% Series A Preferred Units, which expired on July 28, 2020. A total of 62,816 Series A Preferred Units were tendered and accepted, leading to the issuance of approximately 12,563,200 newly issued Common Units. The settlement process will commence soon, subject to applicable withholding taxes. This exchange is part of SMLP's strategy to enhance its capital structure.

Summit Midstream Partners (SMLP) announced the preliminary results of its Exchange Offer for 9.50% Series A Preferred Units, expiring on July 28, 2020. A total of 62,816 Series A Preferred Units were tendered and not withdrawn as reported by the Depositary. The exchange aims to provide holders of these preferred units with newly issued common units. The Partnership anticipates delivering the common units by July 31, 2020. This initiative is part of SMLP's strategy to enhance its capital structure and facilitate further growth in midstream energy infrastructure.