Item 1.01 Entry into a Material Definitive Agreement.
On February 1, 2021, Summit Permian Transmission, LLC ("Permian Transmission"),
a wholly owned subsidiary of Summit Midstream Partners, LP (NYSE: SMLP) (the
"Partnership"), entered into a commitment letter with three leading commercial
banks pursuant to which the banks have committed to provide up to $175.0 million
in credit and term loan facilities to finance the development of Permian
Transmission's Double E Pipeline Project. Pursuant to the commitment letter, the
lenders have committed to provide senior secured credit facilities consisting of
a $160.0 million delayed draw term loan facility and a $15.0 million working
capital facility (collectively, the "Credit Facilities"). The Credit Facilities
are expected to be non-recourse to the Partnership and mature seven years after
the date of the initial borrowing. The commitments are subject to certain
conditions, including execution of definitive documentation and other customary
conditions for facilities of this type. Permian Transmission will pay customary
fees and expenses in connection with obtaining the commitment letter and the
related commitments. The Partnership expects to close and fund the Credit
Facilities in the first quarter of 2021 and will post a $15.0 million letter of
credit under its existing $1.1 billion revolving credit facility held by its
wholly-owned subsidiary, Summit Midstream Holdings, LLC.
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