Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Thu, December 2, 11:04 AM
|This Slide: #179 of 573|
Slide #179. Summit Midstream Partners, LP — Preferred Stock Offering
Summit Midstream Partners, LP (NYSE:SMLP)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced today that it has commenced, subject to market conditions, an underwritten public offering of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the "Preferred Units"). The Partnership intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility and for general partnership purposes. -updated 11/9- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced today that it has priced an underwritten public offering of 300,000 of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the "Preferred Units") at a price of $1,000 per unit. Distributions on the Preferred Units will be payable from and including the date of original issue to, but not including, December 15, 2022, at a rate equal to 9.50% per annum of the $1,000 liquidation preference. On and after December 15, 2022, distributions on the Preferred Units will accumulate for each distribution period at a percentage of the liquidation preference equal to the three-month LIBOR plus a spread of 7.43%. The offering is expected to close on November 14, 2017, subject to customary closing conditions.
Summit Midstream Partners is engaged in developing, owning and operating midstream energy infrastructure assets that are located in unconventional resource basins, shale formations, in the continental United States. Co.'s systems gather natural gas from pad sites, wells and central receipt points connected to its systems. Gathered natural gas volumes are then compressed, dehydrated, treated and/or processed for delivery to downstream pipelines serving processing plants and/or end users. Co. also contracts with producers to gather crude oil and produced water for delivery to downstream pipelines and third-party rail terminals and to third-party disposal wells.
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