HOUSTON, Jan. 7, 2022 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) (the "Partnership") announced today
updates regarding its offer to exchange (the "Exchange Offer") any
and all of its 9.50% Series A Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (the "Series A Preferred
Units") tendered in the Exchange Offer for newly issued common
units representing limited partner interests in the Partnership
(the "Common Units"). As of the close of business on January 6, 2022, based on information provided by
American Stock Transfer & Trust Company, LLC, the depositary of
the Exchange Offer, and including the Series A Preferred Units
covered by the tender and support agreement, 46,203 Series A
Preferred Units had been properly tendered (and not validly
withdrawn) or committed for exchange by several holders of the
Series A Preferred Units, which represents approximately 32.2% of
the total Series A Preferred Units outstanding. As previously
announced, the Exchange Offer is scheduled to expire at
11:59 p.m., New York City time, on January 12, 2022, unless the Partnership extends
the Exchange Offer or terminates it earlier.
The complete terms and conditions of the Exchange Offer are set
forth in the Offer to Exchange and related Letter of Transmittal,
as amended and supplemented, that are filed with the U.S.
Securities and Exchange Commission (the "SEC") under cover of
Schedule TO. Copies of the Offer to Exchange and Letter of
Transmittal may be found on the SEC's website at www.sec.gov, the
Partnership's website at www.summitmidstream.com or may be obtained
from the Information Agent, D.F.
King & Co., Inc., at 866-811-1442 (toll free) for
unitholders, 212-269-5550 for banks and brokers or
summitmidstream@dfking.com. The Depositary, American Stock Transfer
& Trust Company, LLC can be contacted at 877-248-6417 (toll
free) or 718-921-8317.
THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL ANY SERIES A PREFERRED UNITS, NOR
IS IT AN OFFER TO SELL OR A SOLICITATION TO BUY ANY COMMON UNITS.
THIS PRESS RELEASE IS NOT A SOLICITATION FOR ACCEPTANCE OF THE
EXCHANGE OFFER. THE PARTNERSHIP IS MAKING THE EXCHANGE OFFER ONLY
BY, AND PURSUANT TO THE TERMS OF THE OFFER TO EXCHANGE, THE LETTER
OF TRANSMITTAL AND OTHER RELATED DOCUMENTS FILED WITH THE SEC, AS
AMENDED AND SUPPLEMENTED. THE EXCHANGE OFFER IS NOT BEING MADE IN
ANY JURISDICTION IN WHICH THE MAKING OR ACCEPTANCE THEREOF WOULD
NOT BE IN COMPLIANCE WITH THE SECURITIES, BLUE SKY OR OTHER LAWS OF
SUCH JURISDICTION. NONE OF THE PARTNERSHIP, OUR GENERAL PARTNER,
ITS BOARD OF DIRECTORS, OFFICERS OR EMPLOYEES, THE INFORMATION
AGENT OR THE DEPOSITARY FOR THE EXCHANGE OFFER MAKES ANY
RECOMMENDATION IN CONNECTION WITH THE EXCHANGE. THIS PRESS RELEASE
SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS
UNLAWFUL.
About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership focused on
developing, owning and operating midstream energy infrastructure
assets that are strategically located in unconventional resource
basins, primarily shale formations, in the continental United
States. SMLP provides natural gas, crude oil and produced
water gathering services pursuant to primarily long-term and
fee-based gathering and processing agreements with customers and
counterparties in six unconventional resource basins: (i) the
Appalachian Basin, which includes the Utica and Marcellus shale formations in
Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and
Three Forks shale formations in North
Dakota; (iii) the Denver-Julesburg Basin, which includes the
Niobrara and Codell shale
formations in Colorado and
Wyoming; (iv) the Permian Basin,
which includes the Bone Spring and Wolfcamp formations in
New Mexico; (v) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas; and (vi)
the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in Colorado.
SMLP has an equity investment in Double E Pipeline, LLC, which
provides natural gas transportation service from multiple receipt
points in the Delaware Basin to
various delivery points in and around the Waha Hub in Texas.
SMLP also has an equity investment in Ohio Gathering, which
operates extensive natural gas gathering and condensate
stabilization infrastructure in the Utica Shale in Ohio. SMLP
is headquartered in Houston,
Texas.
Forward-Looking Statements
This press release includes certain statements concerning
expectations for the future that are forward-looking within the
meaning of the federal securities laws, including, without
limitation, information concerning completion of the Offer to
Exchange, the terms and timing of the Offer to Exchange, and the
impact of completion of the Offer to Exchange. The Partnership may
modify the terms or timing of the Offer to Exchange with requisite
notice. Forward-looking statements include, without
limitation, any statement that may project, indicate or imply
future results, events, performance or achievements and may contain
the words "expect," "intend," "plan," "anticipate," "estimate,"
"believe," "will be," "will continue," "will likely result," and
similar expressions, or future conditional verbs such as "may,"
"will," "should," "would," and "could." Forward-looking
statements also contain known and unknown risks and uncertainties
(many of which are difficult to predict and beyond management's
control) that may cause SMLP's actual results in future periods to
differ materially from anticipated or projected results. An
extensive list of specific material risks and uncertainties
affecting SMLP is contained in its 2020 Annual Report on Form 10-K
filed with the Securities and Exchange Commission ("SEC") on
March 4, 2021 and in its Quarterly
Report on Form 10-Q for the three months ended March 31, 2021 filed with the SEC on May 7, 2021, its Quarterly Report on Form 10-Q
for the three months ended June 30,
2021 filed with the SEC on August 9,
2021 and its Quarterly Report on Form 10-Q for the three
months ended September 30, 2021 filed
with the SEC on November 5, 2021,
each as amended and updated from time to time. Any forward-looking
statements in this press release, are made as of the date of this
press release and SMLP undertakes no obligation to update or revise
any forward-looking statements to reflect new information or
events.
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SOURCE Summit Midstream Partners, LP