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On July 27, 2020, Summit Midstream Partners, LP (NYSE: SMLP) announced updates on its Exchange Offer for its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Units. As of July 24, 2020, 53,827 units had been tendered. The Exchange Offer is set to expire on July 28, 2020, at 5:00 p.m. NYC time, unless extended. Details are filed with the SEC and can be accessed via the Partnership's website. This press release clarifies that it is neither a solicitation nor an offer regarding the exchange of these units.
Summit Midstream Partners, LP (NYSE: SMLP) has amended the expiration date for its Exchange Offer of 9.50% Series A Preferred Units to July 28, 2020. As of July 23, 2020, 22,619 units were tendered. The company projects second-quarter 2020 net income between $46 million and $68 million, with adjusted EBITDA of $63 million to $65 million. They expect natural gas throughput of 1.3 to 1.4 Bcf/d and liquids throughput of 74 to 78 Mbbl/d. Due to market pressures from COVID-19 and reduced activity, SMLP has revised its full-year EBITDA guidance to $250 million - $260 million.
Summit Midstream Partners, LP (NYSE: SMLP) announced an update on its Exchange Offer for its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. As of July 17, 2020, 2,515 units were tendered. The Exchange Offer expires on July 24, 2020, unless extended. The complete terms are available on the SEC website and the Partnership's website. This announcement is not an offer nor a solicitation related to the preferred units or common units.
On July 13, 2020, Summit Midstream Partners (SMLP) announced significant liability management efforts, including repurchasing $28 million of unsecured debt at a 36% discount and $106 million of senior unsecured notes at a 43% discount, totaling $134 million at an average discount of 42%. This strategy aims to enhance financial flexibility and strengthen the balance sheet. Additionally, SMLP amended its Series A Preferred Units exchange offer, extending the expiration date to July 24, 2020, to address withholding tax requirements.
Summit Midstream Partners, LP (SMLP) announced an amendment to its Exchange Offer for the 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. Holders will now receive 200 Common Units for each Series A Preferred Unit, a 33% increase from the previous offer of 150 Common Units. The Exchange Offer remains contingent on at least 30,000 Series A Preferred Units being tendered before the July 17, 2020, expiration. No other material changes were noted.
Summit Midstream Partners (NYSE: SMLP) announced an Exchange Offer for holders of its 9.50% Series A Fixed-to-Floating Rate Preferred Units. Each accepted unit will be exchanged for 150 Common Units. To proceed, at least 30,000 units must be tendered before the July 17, 2020 deadline. The Information Agent is D.F. King & Co., and the Depositary is American Stock Transfer & Trust Company. A conference call for the Exchange Offer will take place on June 19, 2020.