Summit Midstream Partners, LP Announces Pricing of Senior Notes

Jul 09, 2014, 18:01 ET from Summit Midstream Partners, LP

DALLAS, July 9, 2014 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today the pricing of the previously announced offering by its wholly owned subsidiary, Summit Midstream Holdings, LLC ("Summit Holdings") and Summit Holdings' wholly owned subsidiary, Summit Midstream Finance Corp. ("Finance Corp." and, together with Summit Holdings, the "Issuers") of $300 million aggregate principal amount of senior unsecured notes due 2022 (the "notes"). The notes will be issued at par and bear interest at 5.50% per annum, payable semi-annually in arrears, beginning on February 15, 2015. The offering is expected to close on July 15, 2014, subject to customary closing conditions.

Summit Holdings will use the net proceeds from this offering to repay a portion of the outstanding borrowings under its revolving credit facility.

Deutsche Bank Securities, RBC Capital Markets, RBS and Wells Fargo Securities are acting as joint book-running managers for the offering.  BBVA, BMO Capital Markets, BofA Merrill Lynch, ING, Regions Securities LLC and SunTrust Robinson Humphrey are acting as senior co-managers for the offering. Capital One Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko are acting as co-managers for the offering.

When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained free of charge on the Securities and Exchange Commission's website at or from the underwriters of the offering as follows:

Deutsche Bank Securities Inc.

Attn: Prospectus Group

60 Wall Street

New York, NY 10005-2836

(800) 503-4611


RBC Capital Markets, LLC

Three World Financial Center

200 Vesey Street, 10th Floor

New York, New York 10281-8098

(877) 822-4089


RBS Securities Inc.

Attn: High Yield Debt Capital Markets Syndicate

600 Washington Boulevard

Stamford, Connecticut 06901

(866) 884-2071

Wells Fargo Securities, LLC

Attn: Capital Markets Client Support

1525 West W.T. Harris Blvd.

Charlotte, North Carolina 28262

Phone: (800) 326-5897

The notes are being offered and will be sold pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.

About Summit Midstream Partners, LP SMLP is a growth-oriented limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America.  SMLP currently provides natural gas gathering, treating and processing services pursuant to long-term, primarily fee-based natural gas gathering and processing agreements with our customers and counterparties in four unconventional resource basins: (i) the Appalachian Basin, which includes the Marcellus Shale formation in northern West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas; and (iv) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in western Colorado and eastern Utah.  SMLP owns and operates 2,294 miles of pipeline and 239,800 horsepower of compression.  SMLP is headquartered in Dallas, TX with regional corporate offices in Houston, TX, Denver, CO and Atlanta, GA.

Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMLP's actual results in future periods to differ materially from anticipated or projected results.  An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2013 Annual Report on Form 10-K as updated by our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 3, 2014 and as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

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SOURCE Summit Midstream Partners, LP