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Summit Midstream Partners announced July 24 the results and pricing terms of its previously announced cash tender offer on all outstanding 8.5% senior secured second lien notes due 2026.
As of July 23, $649.81 million, or 85%, of the $764.46 million outstanding aggregate principal amount of the notes had been validly tendered but not validly withdrawn in the tender offer, Summit said in its press release.
The tendered principal amount excludes $113,000 aggregate principal amount of the tendered notes.
Summit said the settlement date for the validly tendered notes is expected to occur July 26 and the consideration to be paid under the offer will be $1,029.64 per $1,000 principal amount of valid notes.
Summit Midstream, along with its subsidiaries Summit Midstream Holdings and Summit Midstream Finance, intend to fund the purchase price with net proceeds received from the sale of $575 million in aggregate principal amount 8.625% senior secured second lien notes due 2029.
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