Summit Midstream extends deadline, ups price for series A preferreds

By Cady Vishniac

Detroit, Dec. 10 – Summit Midstream Partners, LP has extended the deadline on its offer to buy up to $25 million of its 9.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units, according to an 8-K filing with the Securities and Exchange Commission.

The deadline is now 11:59 p.m. ET on Dec. 23. The initial deadline was 11:59 p.m. ET on Dec 9.

Summit also increased the purchase price to $333 per unit from $250 per unit.

As previously reported, the company had amended its earlier tender offer to increase the amount it will pay to $250 from an original $200 per redeemed share of the series A units.

The offer was conditional upon holders of at least 75,000 units validly tendering and not withdrawing their shares prior to the expiration date; however, the offer has been amended to remove the minimum tender condition.

As of the Dec. 9 deadline, 24,257 of the units had been tendered and not withdrawn in the offer.

D.F. King & Co., Inc. (800 669-5550, 212 269-5550; smlp@dfking.com) is the tender and information agent.

Summit, based in Houston, Tex., is an owner and operator of midstream energy infrastructure assets.

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