Summit Midstream Partners’ Cash Tender Offer


Baker Botts LLP advised Summit Midstream Partners, LP on the deal.

On August 25, 2020, Summit Midstream Partners, LP announced that its subsidiaries, Summit Midstream Holdings, LLC and Summit Midstream Finance Corp. (the “Purchasers”), commenced cash tender offers (the “Tender Offers”) to purchase a portion of their outstanding 5.75% Senior Notes due 2025 (the “2025 Notes”) and 5.50% Senior Notes due 2022 (the “2022 Notes”) in separate modified “Dutch Auctions.”

The maximum amount of 2025 Notes that will be purchased in the Tender Offers will be a principal amount of 2025 Notes that could be purchased with a purchase price of up to $60,000,000, and the maximum amount of 2022 Notes that will be purchased in the Tender Offers will be a principal amount of 2022 Notes that could be purchased with a purchase price of up to $60,000,000 less the aggregate purchase price of 2025 Notes purchased.

The Tender Offers are scheduled to expire on September 24, 2020.

The dealer manager for the Tender Offers is Guggenheim Securities, LLC.

Summit Midstream Partners LP is focused on owning and operating midstream energy infrastructure that is strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America.

Baker Botts team was led by Joshua Davidson (Picture) and also included Jason Rocha, Sarah J. Dodson, Emmie Proctor, Rachel Collier, Daniel L. Tristan, Clint Culpepper and Chuck Campbell.

Involved fees earner: Chuck Campbell – Baker Botts; Rachel Collier – Baker Botts; Clint Culpepper – Baker Botts; Joshua Davidson – Baker Botts; Sarah Dodson – Baker Botts; Emmie Proctor – Baker Botts; Jason Rocha – Baker Botts; Daniel Tristan – Baker Botts;

Law Firms: Baker Botts;

Clients: Summit Midstream Partners, LP;

Author: Ambrogio Visconti