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Summit Midstream gives results of tender offers for 5¾%, 5½% notes
By Rebecca Melvin
New York, Sept. 23 – Summit Midstream Partners, LP’s subsidiaries Summit Midstream Holdings, LLC and Summit Midstream Finance Corp. announced the final results of their Aug. 15 tender offers for the issuers’ $393,765,000 principal amount outstanding of 5¾% senior notes due 2025 (Cusip: 86614WAD8) and the $267,586,000 principal amount outstanding of 5½% notes due 2022 (Cusip: 86614WAC0), according to a press release.
The tender offers were being conducted as separated modified Dutch auctions.
As of 11:59 p.m. ET on Sept. 22, about $38,694,000 principal amount of the 2025 notes, or 9.8% of the amount outstanding, was validly tendered and not withdrawn at or below the price of $575.00 per $1,000 principal amount.
About $33,539,000 principal amount of the 2022 notes, or 12.5% of the outstanding amount, was validly tendered and not withdrawn at or below $700 per $1,000 principal amount.
Settlement is expected to occur on Sept. 24, at which time, the company will retire $72,233,000 principal amount of notes at a weighted average discount of about 34%, including the early tender premium of $25 per bond and excluding accrued interest, resulting in the remaining aggregate principal amounts of $355,071,000 and $234,047,000 for the 2025 notes and 2022 notes, respectively.
As previously reported, the offer was capped at $60 million for the 5¾% notes, and the 5½% notes were repurchased according to any leftover amount of the $60 million cap on the 5¾% notes.
D.F. King & Co. (800 967-5084, 212-269-5550, smlp@dfking.com) was the tender and information agent, and Guggenheim Securities, LLC was the dealer manager.
Summit Midstream, based in the Woodlands, Tex., is an owner and operator of midstream energy infrastructure assets.
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