Summit Midstream Partners, LP Schedules First Quarter 2024 Earnings Call and Announces Expiration and Results for Excess Cash Flow Offer to Purchase up to $19,331,000 Aggregate Principal Amount of Outstanding 8.500% Senior Secured Second Lien Notes Due 2026

Rhea-AI Summary

Summit Midstream Partners, LP announced the schedule for reporting its first-quarter 2024 operating and financial results and the results of the Excess Cash Flow Offer to purchase up to $19,331,000 aggregate principal amount of outstanding 8.500% Senior Secured Second Lien Notes due 2026. The Excess Cash Flow Offer expired with $13,626,000, or approximately 1.74%, of the Notes tendered and accepted for payment. The earnings call to discuss the results will take place on May 3, 2024.

HOUSTON, April 25, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced it will report operating and financial results for the first quarter of 2024 on Friday, May 3, 2024, before the open of trading on the New York Stock Exchange.

Summit also announced the expiration and results of the previously announced cash tender offer (the "Excess Cash Flow Offer") of Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase up to $19,331,000 aggregate principal amount of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.

The Excess Cash Flow Offer expired at 5:00 p.m., New York City time, on April 24, 2024 (the "Expiration Time"). As of the Expiration Time, an aggregate principal amount of $13,626,000, or approximately 1.74%, of the Notes were validly tendered and not validly withdrawn. The Issuers have accepted for payment all Notes validly tendered and not validly withdrawn prior to the Expiration Time pursuant to the Excess Cash Flow Offer and will make payment for such Notes on April 26, 2024.

Requests for documents relating to the Excess Cash Flow Offer may be directed to D.F. King & Co., Inc., at (800) 347-4826 (Toll-Free) or (212) 269-5550, or by email at smlp@dfking.com.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Notes.

First Quarter 2024 Earnings Call

SMLP will host a conference call at 10:00 a.m. Eastern on May 3, 2024, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q1 2024 Summit Midstream Partners LP Earnings Conference Call (https://register.vevent.com/register/BIece413d1f8d74a20adea2361c8d96184). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMLP's website at www.summitmidstream.com.

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 the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMLP provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Appalachian Basin, which includes the Marcellus shale formation in 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 Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMLP 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. 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. 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." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies and possible actions taken by SMLP or its subsidiaries are also forward-looking statements. 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 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2024. 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.

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SOURCE Summit Midstream Partners, LP

FAQ

When will Summit Midstream Partners, LP report its first-quarter 2024 operating and financial results?

Summit Midstream Partners, LP will report its first-quarter 2024 operating and financial results on Friday, May 3, 2024, before the open of trading on the New York Stock Exchange.

What is the Excess Cash Flow Offer announced by Summit Midstream Partners, LP?

The Excess Cash Flow Offer is a cash tender offer to purchase up to $19,331,000 aggregate principal amount of outstanding 8.500% Senior Secured Second Lien Notes due 2026.

When did the Excess Cash Flow Offer expire?

The Excess Cash Flow Offer expired at 5:00 p.m., New York City time, on April 24, 2024.

How much of the Notes were tendered and accepted for payment in the Excess Cash Flow Offer?

An aggregate principal amount of $13,626,000, or approximately 1.74%, of the Notes were validly tendered and accepted for payment.

When will the payment for the Notes tendered in the Excess Cash Flow Offer be made?

The payment for the Notes validly tendered and accepted for payment in the Excess Cash Flow Offer will be made on April 26, 2024.

How can one access the conference call to discuss the quarterly operating and financial results of Summit Midstream Partners, LP?

The conference call can be accessed via teleconference at the Q1 2024 Summit Midstream Partners LP Earnings Conference Call link provided on the company's website.