Summit Midstream Partners’ Simplification Transaction

Akin Gump has advised the conflicts committee of Summit Midstream Partners, LP (SMLP) in connection with a series of strategic actions (together referred to as the “Transaction”) intended to place it in a stronger financial position.

As part of the Transaction, SMLP will eliminate its economic general partner interest and incentive distribution rights. It will also prepay $100 million of its deferred purchase price obligation relating to a 2016 drop-down transaction and fix the remaining obligation due in 2020 at $303.5 million.

The Akin Gump team included energy partners John Goodgame (Picture) and Lisa Hearn and associate Katherine Raymond; and tax partner Alison Chen.

Involved fees earner: Alison Chen – Akin Gump; John Goodgame – Akin Gump; Lisa Leiman Hearn – Akin Gump; Katherine Raymond – Akin Gump;

Law Firms: Akin Gump;

Clients: Summit Midstream Partners, LP;

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Author: Ambrogio Visconti