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MarketScreener Homepage  >  Equities  >  Nyse  >  Summit Midstream Partners, LP    SMLP

SUMMIT MIDSTREAM PARTNERS, LP

(SMLP)
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Summit Midstream Partners LP : Announces Extension of Expiration Date in Series a Preferred Unit Exchange Offer

04/08/2021 | 08:20am EDT

HOUSTON - Summit Midstream Partners, LP (NYSE: SMLP) (the 'Partnership') announced today that it has amended its offer to exchange (the 'Exchange Offer') its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units tendered in the Exchange Offer for up to 2,400,000 newly issued common units representing limited partner interests in the Partnership.

The Partnership has extended the expiration date of the Exchange Offer to 11:59 p.m., New York City time, on April 13, 2021 (the 'Expiration Date'), unless further extended. The Partnership will issue Common Units in exchange for Series A Preferred Units that are accepted for exchange promptly after the Expiration Date. As of 11:59 p.m., New York City time, on April 6, 2021, based on preliminary information provided by American Stock Transfer & Trust Company, LLC, the depositary for the Exchange Offer (the 'Depositary'), 23,912 Series A Preferred Units were properly tendered (and not validly withdrawn) in the Exchange Offer. 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.

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 U.S. Securities and Exchange Commission (the 'SEC') under cover of Schedule TO. Copies of the Offer to Exchange and Letter of Transmittal may be found on the SEC's website at www.sec.gov, the Partnership's website at www.summitmidstream.com or may be obtained from the Information Agent, D.F. King & Co., Inc., at 800-967-5071 (toll free) for unitholders, 212-269-5550 for banks and brokers or summitmidstream@dfking.com. The Depositary can be contacted at 877-248-6417 (toll free) or 718-921-8317.

About Summit Midstream Partners, LP

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 United States. SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale formation in Texas and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMLP has an equity investment in Double E Pipeline, LLC, which is developing natural gas transmission infrastructure that will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas.

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 Securities and Exchange Commission on March 4, 2021, as amended and updated from time to time. Any forward-looking statements in this press release, are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

Contact:

Ross Wong

Tel: 832-930-7512

Email: ir@summitmidstream.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 344 M - -
Net income 2021 -23,7 M - -
Net Debt 2021 1 324 M - -
P/E ratio 2021 -66,9x
Yield 2021 -
Capitalization 128 M 128 M -
EV / Sales 2021 4,23x
EV / Sales 2022 3,76x
Nbr of Employees 220
Free-Float 3,52%
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Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 18,80 $
Last Close Price 21,00 $
Spread / Highest target 19,0%
Spread / Average Target -10,5%
Spread / Lowest Target -33,3%
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Managers and Directors
NameTitle
J. Heath Deneke Chairman, President & Chief Executive Officer
Marc D. Stratton Chief Financial Officer & Executive Vice President
Hugo Guerrero Senior Vice President-Engineering & Operations
James Johnston Chief Compliance Officer, EVP & General Counsel
Jerry L. Peters Independent Director
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