For each Series A Preferred Unit that is accepted in the Exchange Offer, the holder will receive 30 Common Units, which is an increase of approximately 11% more than the previous offer of 27 Common Units for each Series A Preferred Unit properly tendered (and not validly withdrawn). Further, the maximum number of Common Units that can be issued in exchange for Series A Preferred Units properly tendered (and not validly withdrawn) and accepted by us in the Exchange Offer will be increased from 2,160,000 Common Units to 2,400,000 Common Units to reflect the increased exchange consideration. The Exchange Offer is still conditioned on, among other things, that holders of at least 15,000 Series A Preferred Units properly tender (and do not validly withdraw) their Series A Preferred Units prior to the expiration date of the Exchange Offer. There are no other material changes to the Exchange Offer, which is still scheduled to expire at
The complete terms and conditions of the Exchange Offer are set forth in the Offer to Exchange and related Letter of Transmittal, as amended and supplemented, that are filed with the
About
SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental
Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws, including, without limitation, information concerning completion of the Offer to Exchange, the terms and timing of the Offer to Exchange, and the impact of completion of the Offer to Exchange. The Partnership may modify the terms or timing of the Offer to Exchange with requisite notice. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words 'expect,' 'intend,' 'plan,' 'anticipate,' 'estimate,' 'believe,' 'will be,' 'will continue,' 'will likely result,' and similar expressions, or future conditional verbs such as 'may,' 'will,' 'should,' 'would,' and 'could.' Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMLP's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2020 Annual Report on Form 10-K filed with the
Contact:
Tel: 832-930-7512
Email: ir@summitmidstream.com
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