Summit Midstream Partners, LP: debt financing — Summit Midstream exchanges $180M of 2025 notes for $209.5M of 12% 2026 notes; amends ABL facility

Summit Midstream Partners, LP

Issued $209.5M of 12% senior unsecured notes due 2026 via exchange of $180M 2025 notes plus $29.5M cash.
ABL facility amended: interest coverage covenant 1.75x through 2024 and 1.90x thereafter; springing borrowing base reserve added.
New notes mature Oct 15, 2026; interest payable semi-annually; redemption at 101% before Apr 2025, 102% after.
Amendment requires reduction of 2025 notes to <$50M by March 2024 and redemption by Dec 2024 using 2024 projected excess cash flow.

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 $209.5 million aggregate principal amount maturing October 15, 2026.

Instrument: senior notes
Principal: $209.5 million aggregate principal amount
Maturity: October 15, 2026
Event: incurrence

Exact text from the filing

the “Guarantors”) entered into a privately negotiated purchase and exchange agreement (the “Exchange Agreement”) with certain purchasers listed therein, to issue a total of $209.5 million aggregate principal amount of senior unsecured notes due 2026 (the “2026 Unsecured Notes”) in exchange for $180.0 million aggregate principal amount of existing senior unsecured

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Source: SEC EDGAR

accession 0001549922-23-000018

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