Summit Midstream ups price of 9.5% series A preferreds to $250

By Cady Vishniac

Detroit, Nov. 24 – Summit Midstream Partners, LP has amended its earlier tender offer to increase the amount it will pay to $250 per redeemed share of its 9.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units versus its initial offer of $200 per share, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company plans to redeem for cash up to $25 million of the units.

The offer was conditional upon holders of at least 75,000 units validly tendering and not withdrawing their shares prior to the expiration date, however the offer has been amended to remove the minimum tender condition.

The deadline is 11:59 p.m. ET on Dec. 9.

D.F. King & Co., Inc. (800 669-5550, 212 269-5550; smlp@dfking.com) is the tender and information agent.

Summit, based in Houston, Tex., is an owner and operator of midstream energy infrastructure assets.

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