Summit Midstream (SMLP) has issued an update.
Summit Midstream Partners, LP and its subsidiaries entered into an agreement issuing $575 million in 8.625% Senior Secured Second Lien Notes due 2029, with proceeds aimed at repurchasing existing notes and for general corporate purposes. The notes, maturing on October 31, 2029, offer semi-annual interest payments, and come with optional redemption features that include equity offering proceeds. Concurrently, Summit Holdings amended its asset-based revolving credit facility to $500 million, with maturity aligning closely with the new notes’ schedule. The financial maneuvers include the satisfaction and discharge of previous indentures, streamlining the company’s debt profile and obligations.
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