Summit Midstream Partners, LP Stock Price, News & Analysis

On January 13, 2022, Summit Midstream Partners, LP (SMLP) announced preliminary results from its Exchange Offer for its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. The Exchange Offer, which expired on January 12, 2022, saw 77,939 Series A Preferred Units properly tendered for exchange into common units. The anticipated delivery of the new Common Units is set for January 14, 2022. This strategic move is expected to further align the interests of the partnership and its investors.

Summit Midstream Partners, LP (SMLP) has announced updates regarding its Exchange Offer for its 9.50% Series A Preferred Units, with 46,203 units tendered as of January 6, 2022, reflecting approximately 32.2% of the total units outstanding. The Exchange Offer is set to expire on January 12, 2022, unless extended or terminated earlier. The complete terms of the Exchange Offer can be found on the SEC's website and the Partnership's website. This announcement does not constitute an offer or solicitation for the units involved.

Summit Midstream Partners (SMLP) announced an Exchange Offer for holders of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, set to expire on January 12, 2022. Investors can exchange their preferred units for 38 newly issued common units. Notably, 32.19% of the outstanding preferred units have confirmed their intent to participate. Holders who tender their preferred units will lose any claims to unpaid distributions. The complete terms are available through the SEC and SMLP’s website.

Summit Midstream Partners, LP (SMLP) announced the commencement of operations for its Double E Pipeline, a 135-mile natural gas pipeline in New Mexico and Texas. SMLP holds a 70% equity interest in the joint venture, which provides 1.35 billion cubic feet per day of gas transportation capacity. The pipeline aims to alleviate production constraints in the Delaware Basin, where 80 rigs are currently operational, up from 45 in Q3 2020. The project was completed safely, on schedule, and under budget, marking a significant milestone for SMLP.

Summit Midstream Partners, LP (NYSE: SMLP) reported third quarter 2021 results with a net income of $7 million and adjusted EBITDA of $61.1 million. Natural gas throughput averaged 1,333 MMcf/d, down 7.5% from Q2 2021. Despite this decline, 20 new wells were added during the quarter, with expectations for 45 more in Q4. The completion of the Double E Pipeline is approaching, with a budget reduced to $400 million. SMLP has secured $400 million in financing, enhancing liquidity and operational capabilities.

Summit Midstream Partners, LP (SMLP) announced the closure of a private offering of $700 million in 8.50% Senior Secured Second Lien Notes due 2026. The net proceeds from this offering, combined with cash and borrowings from a $400 million asset-based revolving credit facility, will be utilized to fully repay an existing credit agreement and to redeem $234 million of 5.50% Senior Notes due 2022 on November 12, 2021. This strategic financial maneuver aims to enhance liquidity and streamline debt obligations.

Summit Midstream Partners, LP (SMLP) announced it will report third quarter 2021 operating and financial results on November 4, 2021, before market trading. A conference call is scheduled for 10:00 a.m. Eastern on the same day to discuss these results. Interested participants can join via phone or through a live webcast on SMLP's website. SMLP specializes in midstream energy infrastructure, providing natural gas, crude oil, and produced water gathering services in key shale formations across the U.S.

Summit Midstream Partners, LP (SMLP) announced a private offering of $700 million in 8.50% Senior Secured Second Lien Notes due 2026, priced at 98.5% of face value. The offering aims to close on November 2, 2021. Proceeds will be used to repay existing debts, including obligations under the Revolving Credit Facility, fund the redemption of $234 million in Senior Notes due 2022, and cover general corporate purposes. The Notes will mature on October 15, 2026, or earlier under certain conditions.

Summit Midstream Partners, LP (SMLP) has initiated a private offering of up to $700 million in Senior Secured Second Lien Notes due 2026. The proceeds will be used to repay existing debt, including $234 million in 5.50% Senior Notes due 2022, and for general corporate purposes. The offering will be conducted in reliance on Rule 144A and will not be registered under the Securities Act. A conditional redemption for the 2022 Notes is planned for November 12, 2021, contingent on sufficient financing being secured. The transaction aims to strengthen SMLP's financial position.