Item 7.01 Regulation FD Disclosure
As previously announced, on March 10, 2021, Summit Midstream Partners, LP, a
Delaware limited partnership (the "Partnership"), commenced an offer to exchange
(the "Exchange Offer") its 9.50% Series A Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (Liquidation Preference $1,000) (the
"Series A Preferred Units") tendered in the Exchange Offer for up to 2,160,000
newly issued common units (the "Maximum Exchange Amount") representing limited
partner interests in the Partnership (the "Common Units"), with each
participating holder receiving 27 Common Units for each Series A Preferred Unit
properly tendered (and not validly withdrawn) (the "Exchange Consideration"). On
March 23, 2021, the Partnership announced an increase of the Exchange
Consideration to 30 Common Units for each Series A Preferred Unit properly
tendered (and not validly withdrawn), and a corresponding increase in the
Maximum Exchange Amount to 2,400,000 newly issued Common Units. On April 7,
2021, the Partnership announced the extension of the expiration date of the
Exchange Offer to 11:59 p.m., New York City time, on April 13, 2021 (the
"Expiration Date").
On April 14, 2021, the Partnership announced the preliminary results of the
Exchange Offer, which expired on the Expiration Date. Based on preliminary
information provided by American Stock Transfer & Trust Company, LLC, the
depositary of the Exchange Offer (the "Depositary"), as of the Expiration Date,
18,662 Series A Preferred Units had been properly tendered (and not validly
withdrawn). The number of Series A Preferred Units properly tendered (and not
validly withdrawn) are preliminary and are subject to verification by the
Depositary. The Partnership expects to deliver the Common Units to be issued in
exchange for the Series A Preferred Units on April 15, 2021. A copy of the
related press release is filed herewith as Exhibit 99.1 and incorporated herein
by reference.
The information furnished in this Item 7.01 shall not be deemed "filed" for
purposes of the Securities Exchange Act of 1934, as amended (the "1934 Act"),
and shall not be deemed incorporated by reference in any filing with the
Securities and Exchange Commission, whether or not filed under the Securities
Act of 1933 or the 1934 Act, regardless of any general incorporation language in
such document.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Description
99.1 Press Release, dated April 14, 2021.
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses