Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

News supplied by

Nov 16, 2020, 17:15 ET

Share this short article

HOUSTON , Nov. 16, 2020 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions towards the formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) have now been pleased. Loan providers collectively keeping 100% for the aggregate principal amount of claims, like the about $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented into the TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of money and about 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (which were modified to correctly mirror the current 1-for-15 reverse SMLP common product split) in complete satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan.

The TL Restructuring is anticipated to shut on November 17, 2020 . Upon closing of this TL Restructuring, SMLP will distribute the consideration to the Term Loan lenders and spend relevant costs, after which the definition of Loan is likely to be completely released additionally the Term Loan companies will waive their liberties to your and all sorts of claims against SMP Holdings and its own affiliates under the Term Loan and launch the non-economic partner that is general in SMLP from SMP Holdings’ collateral package beneath the Term Loan.

In addition, the $180.75 million deferred purchase cost responsibility (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously because of the closing associated with TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings.