Deal Snapshot
Summit Midstream Partners Closes Acquisition of the Owner of its General Partner
Friday 29 May 2020

Texas, US-based midstream energy company Summit Midstream Partners, LP (NYSE: SMLP) has closed the acquisition from Energy Capital Partners II LLC of Summit Midstream Partners, LLC, the privately held company that indirectly owns SMLP's general partner, Summit Midstream GP, LLC, and 5.9m SMLP common units owned directly by an affiliate of ECP, for USD 35m in cash plus warrants covering up to 10m SMLP common units, the company said.

Concurrent with the closing of the GP Buy-in Transaction, ECP loaned the full USD 35m of cash proceeds to SMLP under a first-lien senior secured credit agreement, which will bear interest at 8.0% per annum and mature on March 31, 2021.

Date Published: 29/05/2020