As part of its previously announced strategic alternatives review, Summit Midstream Partners, LP announced the execution of an opportunistic refinancing of its senior notes due 2025 (the "2025 Unsecured Notes") and amendment to its asset-based lending credit facility ("ABL Facility"). Purpose of the Transaction: Provides for a holistic refinancing solution of the 2025 Unsecured Notes; Eliminates any material near-term maturities and provides additional runway to continue to de-lever; Enables SMLP to evaluate its ongoing strategic alternatives review from a position of strength and financial flexibility. SMLP has entered into a privately negotiated agreement to issue a total of $209.5 million aggregate principal amount of unsecured notes (the "2026 Unsecured Notes") in exchange for $180.0 million aggregate principal amount of existing 2025 Unsecured Notes, which such notes will be cancelled, and $29.5 million in cash.

The new money raised will be used to redeem or repurchase existing 2025 Unsecured Notes (collectively, the "Transactions") that are not exchanged. Following the consummation of the Transactions, approximately $49.9 million of 2025 Unsecured Notes are expected to remain outstanding. The 2026 Unsecured Notes will bear interest at 12.00% and mature on October 15, 2026, in line with the maturity date of SMLP's existing 8.50% senior second lien notes due 2026.

Concurrent to the Transactions, SMLP will execute an amendment to its ABL Facility to facilitate the Transactions, address springing maturities associated with the 2025 Unsecured Notes and allow for the approximately $49.9 million remaining aggregate principal amount of 2025 Unsecured Notes to be repaid with free cash flow, subject to certain conditions. Additionally, SMLP will amend its Interest Coverage Ratio ("ICR") covenant to 1.75x through year-end 2024 and 1.90x thereafter. The 2026 Unsecured Notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.