UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 1.01 Entry into a Material Definitive Agreement.
On February 1, 2021, Summit Permian Transmission, LLC (“Permian Transmission”), a wholly owned subsidiary of Summit Midstream Partners, LP (NYSE: SMLP) (the “Partnership”), entered into a commitment letter with three leading commercial banks pursuant to which the banks have committed to provide up to $175.0 million in credit and term loan facilities to finance the development of Permian Transmission’s Double E Pipeline Project. Pursuant to the commitment letter, the lenders have committed to provide senior secured credit facilities consisting of a $160.0 million delayed draw term loan facility and a $15.0 million working capital facility (collectively, the “Credit Facilities”). The Credit Facilities are expected to be non-recourse to the Partnership and mature seven years after the date of the initial borrowing. The commitments are subject to certain conditions, including execution of definitive documentation and other customary conditions for facilities of this type. Permian Transmission will pay customary fees and expenses in connection with obtaining the commitment letter and the related commitments. The Partnership expects to close and fund the Credit Facilities in the first quarter of 2021 and will post a $15.0 million letter of credit under its existing $1.1 billion revolving credit facility held by its wholly-owned subsidiary, Summit Midstream Holdings, LLC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Summit Midstream Partners, LP |
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(Registrant) |
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By: |
Summit Midstream GP, LLC (its general partner) |
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Dated: |
February 5, 2021 |
/s/ Marc D. Stratton |
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Marc D. Stratton, Executive Vice President and Chief Financial Officer |
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