Summit Midstream Partners, LP Stock Price, News & Analysis

Summit Midstream Partners, LP (SMLP) announced a successful amendment of its revolving credit facility to secure additional liquidity and flexibility for managing liabilities, particularly addressing debt maturing in 2022. Key changes include:

• Reduction of Revolver commitments from $1.25 billion to $1.1 billion
• Issuance of up to $400 million of junior lien indebtedness
• Increased total leverage covenant from 5.50x to 5.75x
• Restriction on resuming distributions on preferred and common units

This amendment is a crucial step in the Partnership's liability management strategy.

Summit Midstream Partners, LP (SMLP) announced an amendment to its tender offer to purchase up to $25 million of its 9.50% Series A Preferred Units. The new purchase price of $333 per unit represents a 33.2% increase from the previous offer of $250 and a 66.5% increase from the initial $200. The expiration date for this tender offer is extended to December 23, 2020. As of December 9, 2020, approximately 24,257 units have been tendered. The offer is detailed in filings with the SEC and on the partnership's website.

Summit Midstream Partners, LP (NYSE: SMLP) announced it has regained compliance with the NYSE's continued listing standards following a reverse unit split. The company’s common unit price has averaged above $1.00 for the 30 trading days ending November 30, 2020. Consequently, the 'below criteria' suffix will be removed from its ticker symbol, allowing SMLP to trade without restrictions. This compliance is expected to enhance investor confidence and stabilizes the trading environment for SMLP.

Summit Midstream Partners, LP (SMLP) has amended its cash Tender Offer for its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, increasing the Purchase Price to $250.00 from $200.00, representing a 25% increase. The offer's total value is up to $25 million for a maximum of 100,000 units. Additionally, the Minimum Tender Condition has been removed, allowing the offer to proceed without the requirement of a minimum tender. The Tender Offer is set to expire on December 9, 2020.

Summit Midstream Partners, LP (SMLP) announced on November 16, 2020, that the closing conditions for a Term Loan restructuring have been satisfied. The restructuring involves $155.2 million in claims, with lenders set to receive $26.5 million cash and approximately 2.3 million SMLP common units. The restructuring will conclude on November 17, 2020, leading to the discharge of the Term Loan and the waiver of claims against SMP Holdings. Concurrently, SMLP will settle a $180.75 million deferred purchase obligation with a $27 million cash payment.

Summit Midstream Partners (SMLP) announced a cash Tender Offer to purchase up to $25 million of its 9.50% Series A Preferred Units. Holders will receive $200 per unit accepted, with a minimum of 75,000 units required for the offer to proceed. The Tender Offer expires at 11:59 p.m. EST on December 9, 2020. If fully subscribed, 125,000 units will be purchased. Units tendered will forfeit all accumulated distributions. The offer is subject to proration if valid tenders exceed the maximum price. Further details will be filed with the SEC.

Summit Midstream Partners (SMLP) reported third-quarter 2020 financial results with a net income of $25.6 million and adjusted EBITDA of $59.8 million. A significant factor was a $24.7 million gain from debt extinguishment. Natural gas throughput averaged 1,392 MMcf/d, remaining stable, while liquids volume decreased by 9.2%. The Double E project achieved FERC approval in October, with capital costs expected to be under $430 million. SMLP has repurchased $306.5 million of senior notes, reducing fixed obligations by approximately $550.1 million.

Summit Midstream Partners, LP (NYSE: SMLP) has announced a 1-for-15 reverse unit split effective after market close on November 9, 2020. Following this action, the number of outstanding common units will decrease from approximately 56.6 million to about 3.8 million. The units will trade on a split-adjusted basis starting November 10, 2020. This decision aims to enhance the marketability of SMLP's common units while complying with NYSE listing requirements. The company operates midstream energy assets in key shale formations across the U.S.

Summit Midstream Partners (SMLP) will announce its operating and financial results for Q3 2020 on November 6, 2020, before market hours. A conference call will take place at 10:00 a.m. Eastern on the same day. Key operational areas include several major shale formations across the United States, where SMLP provides fee-based gathering and processing services. The partnership emphasizes its growth in unconventional energy resources, alongside its investments in natural gas transmission infrastructure through its equity stakes in Double E Pipeline and Ohio Gathering.