![Summit Midstream Commences Tender Offer on Notes Due 2026](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/07/summit-midstream-commences-tender-offer-notes-due-2026.jpg?itok=jUrDDpPv)
(Source: Summit Midstream)
Summit Midstream Partners commenced a tender offer on all of its outstanding 8.500% senior secured second lien notes due 2026, the company said on July 17.
The company’s subsidiaries Summit Midstream Holdings and Summit Midstream Finance delivered a conditional redemption notice regarding all of Summit’s 5.75% senior notes due 2025. If conditions are satisfied, the 2025 notes will be redeemed on Aug. 16.
Summit said it anticipates the settlement date for the notes to be July 26.
Summit also announced July 17 a proposed offering of $500 million in aggregate principal amount of new senior secured second lien notes due 2029.
Summit intends to use the net proceeds from the offering, combined with cash on hand and borrowings from the ABL facility, to repurchase all of the company’s 8.500% senior secured second lien notes due 2026 and 5.75% senior notes due 2025.
The company also plans to pay accrued and unpaid interest on the 2026 secured notes 2025 notes.
Summit expects the new notes to be guaranteed on a senior second-priority basis.
Recommended Reading
Montney Pure-play Advantage Energy Makes $326MM Acquisition
2024-06-11 - Calgary-based Advantage Energy is acquiring undeveloped inventory and around 14,100 boe/d of production in a CAD$450 million (USD$326.77 million) deal with a private seller.
Whitecap Sells Stakes in Gas Processing Plants in Two Deals
2024-07-02 - In separate deals, WhiteCap Resources sold gas processing assets to Topaz Energy and Pembina Pipeline—a move that strengthens Pembina’s Western Alberta position, an analyst said.
Vista CEO: Bidding for Exxon’s Vaca Muerta Assets ‘Very Competitive’
2024-07-15 - Vista Energy, one of the largest producers in Argentina’s Vaca Muerta shale field, aims to get bigger through Exxon Mobil assets reportedly being shopped for $1 billion.
Detechtion Acquires Software Solutions Company EZ Ops
2024-07-17 - The acquisition of EZ Ops plans to enhance Detechtion’s presence in field service management and complements its Fieldlink product, which serves producers and service companies in inspection and maintenance.
Norway’s Equinor Divests Gina Krog Field Interests
2024-06-04 - Equinor is selling its 19.5% interests in production licenses (PL) 048E, which is the Eirin field, and PL 1201 to PGNiG Upstream Norway for an undisclosed amount.