Offering Details - Summit Midstream Holdings LLC priced an offering of $250 million in aggregate principal amount of additional 8.625% Senior Secured Second Lien Notes due 2029 at 103.375% of par, plus accrued interest from July 26, 2024 [1] - The Additional Notes will form a single series with the existing $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029 and have substantially identical terms [1] - The net proceeds from the Offering will be used to repay a portion of the outstanding borrowings under the Company's asset-based lending credit facility and for general corporate purposes, including paying fees and expenses associated with the Offering [1] - The Offering is expected to close on or about January 10, 2025, subject to customary closing conditions [1] Guarantees and Collateral - The Additional Notes will be guaranteed on a senior second-priority basis by the Company and certain of its existing and future subsidiaries [2] - The Additional Notes will initially be secured on a second-priority basis by the same collateral pledged for the benefit of the Company's lenders under the ABL Facility [2] Offering Restrictions - The Additional Notes and related guarantees are being offered only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in compliance with Regulation S [3] - The offer and sale of the Additional Notes and related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption [3] Company Overview - Summit Midstream Corporation is a value-driven corporation focused on developing, owning, and operating midstream energy infrastructure assets in the core producing areas of unconventional resource basins in the continental United States [5] - The Company provides natural gas, crude oil, and produced water gathering, processing, and transportation services under primarily long-term, fee-based agreements in five unconventional resource basins: Williston Basin, Denver-Julesburg Basin, Fort Worth Basin, Arkoma Basin, and Piceance Basin [5] - The Company has an equity method investment in Double E Pipeline LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas [5]
Summit Midstream Corporation Announces Pricing of Offering of $250 Million of Additional 8.625% Senior Secured Second Lien Notes Due 2029