Summit Midstream Partners, LP: M&A transaction — Summit Midstream closes $305M bolt-on acquisition in DJ Basin; funds with ABL and $85M notes

Summit Midstream Partners, LP

Acquired Outrigger DJ and Sterling DJ for $305M cash; $165M for Outrigger DJ, $140M for Sterling DJ.
Financed via ABL borrowings and $85M of new 8.500% Senior Secured Second Lien Notes due 2026.
Reinvested ~$115M of proceeds from earlier Lane and Bison system divestitures into these transactions.
Post-closing, SMLP has ~$335M drawn on its $400M ABL facility; integration of gas gathering and processing assets underway.

item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Summit Midstream Partners, LP incurred senior notes of $85 million at 8.500% maturing due 2026.

Instrument: senior notes
Principal: $85 million
Rate: 8.500%
Maturity: due 2026
Event: incurrence

Exact text from the filing

of the Transactions, SMP Holdings and Summit Midstream Finance Corp., a Delaware corporation (together with SMP Holdings, the “Co-Issuers”), called for redemption all of the $85 million aggregate principal amount of the issued and outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the “Mirror Notes”) issued to certain purchasers pursuant to Section

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Summit Midstream Partners, LP completed an acquisition involving Outrigger Energy II LLC and Sterling Investment Holdings LLC for $305 million (closed 2022-12-01).

Action: acquisition
Counterparty: Outrigger Energy II LLC and Sterling Investment Holdings LLC
Consideration: $305 million
Closing: 2022-12-01

Exact text from the filing

and processing systems, a crude oil gathering system, freshwater rights, and a subsurface freshwater delivery system in the DJ Basin for an aggregate cash consideration of $305 million, subject to customary post-closing adjustments. The Outrigger DJ and Sterling DJ consolidated asset portfolio is located in Weld, Morgan, and Logan Counties, Colorado and

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Source: SEC EDGAR

accession 0001549922-22-000035

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