Summit Midstream to repay revolver in full, redeem notes due 2022

By Rebecca Melvin

Concord, N.H., Oct. 13 – Summit Midstream Partners, LP plans to repay in full all of a revolving credit facility dated May 26, 2017 and to redeem all of its $234,047,000 5½% senior notes due 2022 using proceeds of new notes, cash on hand and borrowings under an ABL credit agreement, according to a company news release on Wednesday.

The company and co-issuers Summit Midstream Holdings, LLC and Summit Midstream Finance Corp. plan to price $700 million of the senior secured second-lien notes due 2026.

The revolver being repaid is its third amended and restated credit agreement among Summit Holdings, lenders and Well Fargo Bank NA as administrative agent and collateral agent.

The company said it plans to deliver a notice of conditional redemption for the 2022 notes, with the obligation conditioned on certain financing transactions that result in proceeds after repaying the revolver.

U.S. Bank NA (800 934-6802) is trustee for the 2022 notes and serving as the paying agent for the redemption.

Based in The Woodlands, Tex., Summit is an owner and operator of midstream energy infrastructure.

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