Summit Midstream Announces Preliminary Results of Cash Tender Offer

Source: www.gulfoilandgas.com 12/24/2020, Location: North America

Summit Midstream Partners, LP announced the preliminary results of its offer to purchase (the "Tender Offer") for cash up to $25,000,000.00 aggregate purchase price of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series A Preferred Units"), which expired at 11:59 p.m., New York City time, on December 23, 2020. Based on preliminary information provided by D.F. King & Co., Inc., the tender and information agent for the Tender Offer (the "Tender and Information Agent"), 92,681 Series A Preferred Units were validly tendered and not properly withdrawn under the Tender Offer. The number of Series A Preferred Units validly tendered and not properly withdrawn is preliminary and subject to verification by the Tender and Information Agent.

Since the number of Series A Preferred Units validly tendered and not properly withdrawn exceeds the maximum aggregate purchase price of $25,000,000.00, the Partnership plans on accepting approximately 75,075 Series A Preferred Units. Holders who owned fewer than 100 Series A Preferred Units, or an "odd-lot," who have validly tendered and not properly withdrawn all of their Series A Preferred Units, will not be subject to proration, in accordance with the terms of the Tender Offer. Based on the preliminary tender count, the Partnership has been informed by the Tender and Information Agent that the preliminary proration factor for the Tender Offer, after giving effect to the priority for odd-lot holders, is approximately 80.91%. This proration factor is preliminary and subject to change. The Partnership expects to issue payment for the Series A Preferred Units tendered and accepted for purchase under the Tender Offer on December 29, 2020.


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