Summit Midstream makes excess cash flow offer for $19.33 million 8½% second-lien notes

By Wendy Van Sickle and William Gullotti

Columbus, Ohio, March 27 – Summit Midstream Partners, LP said issuers Summit Midstream Holdings, LLC and Summit Midstream Finance Corp. are offering to purchase up to $19,331,000 of their 8½% senior secured second-lien notes due 2026 at par plus interest using excess cash flow, according to a news release and an 8-K filing with the Securities and Exchange Commission.

The note indenture requires the company to offer to purchase the maximum principal of notes that can be purchased with excess cash flow for a 12-month period ending on Dec. 31, so long as the excess cash flow is at least $5 million.

The company had excess cash flow exceeding $5 million for the period ending Dec. 31, 2023.

The offer will expire at 5 p.m. ET on April 24, also the withdrawal deadline.

The purchase date is April 26.

If the maximum purchase amount is exceeded, the company will purchase notes tendered on a pro rata basis.

D.F. King & Co., Inc. (800 347-4826, 212 269-5550 or smlp@dfking.com) is the tender agent and information agent.

Based in Houston, Summit is an owner and operator of midstream energy infrastructure.

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