Key Developments: Summit Midstream Partners LP (SMLP.N)

SMLP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Summit Midstream Partners LP announces increased second quarter 2014 distribution
Thursday, 24 Jul 2014 04:46pm EDT 

Summit Midstream Partners LP:Declares quarterly cash distribution of $0.52 per unit on all of its outstanding common and subordinated units for th quarter ended June 30, 2014.Distribution will be paid on Aug. 14, 2014 to unitholders of record as of the close of business on Aug. 07, 2014.  Full Article

Summit Midstream Partners's subsidiary announces closing of senior notes
Tuesday, 15 Jul 2014 04:10pm EDT 

Summit Midstream Partners LP:Closes offering by its wholly owned subsidiary, Summit Midstream Holdings, LLC (Summit Holdings) and Summit Holdings' wholly owned subsidiary, Summit Midstream Finance Corp of $300 mln aggregate principal amount of senior unsecured notes due 2022.Notes were issued at par and bear interest at 5½ pct per annum, payable semi-annually in arrears, beginning on Feb. 15, 2015.Net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, were about $295.2 mln.Says it 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 acted as joint book-running managers for the offering.BBVA, BMO Capital Markets, BofA Merrill Lynch, ING, Regions Securities LLC and SunTrust Robinson Humphrey acted as senior co-managers for the offering.Capital One Securities, Credit Agricole CIB, PNC Capital Markets LLC and SMBC Nikko acted as co-managers for the offering.  Full Article

Summit Midstream Partners LP reaffirms FY 2014 EBITDA guidance
Tuesday, 6 May 2014 06:11pm EDT 

Summit Midstream Partners LP:Reaffirms FY 2014 adjusted EBITDA guidance of $190.0 million to $210.0 million.FY 2014 EBITDA of $195 million - Thomson Reuters I/B/E/S.  Full Article

Summit Midstream Partners declares distribution
Tuesday, 6 May 2014 06:11pm EDT 

Summit Midstream Partners LP:Declares a quarterly cash distribution of $0.50 per unit on all outstanding common and subordinated units.Payable on May 15 to unitholders of record as of the close of business on May 8.  Full Article

Summit Midstream Partners LP announces first quarter 2014 distribution
Thursday, 24 Apr 2014 05:28pm EDT 

Summit Midstream Partners LP:Declared a quarterly cash distribution of $0.50 per unit.Distribution will be paid on May 15 to unitholders of record as of the close of business on May 8.  Full Article

Summit Midstream Partners LP announces closing of Red Rock Drop Down Acquisition
Tuesday, 18 Mar 2014 05:55pm EDT 

Summit Midstream Partners LP:Says its wholly owned subsidiary, Grand River Gathering, LLC closed acquisition of Red Rock Gathering Company, LLC from a subsidiary of Summit Midstream Partners, LLC.Total cash consideration of $305.0 mln.  Full Article

Summit Midstream Partners, LP closes common unit offering and exercise of underwriters' option to purchase additional units
Monday, 17 Mar 2014 04:10pm EDT 

Summit Midstream Partners, LP:Closes underwritten public offering of common units. Including the option to purchase an additional 1,350,000 common units, which was exercised in full by the underwriters, 10,350,000 common units.Consisting of 5,300,000 common units offered by SMLP and 5,050,000 common units offered by Summit Midstream Partners Holdings, LLC, were sold at a price of $38.75 per unit.Net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, were about $387.1 million, of which SMLP received about $198.1 million and SMP Holdings received about $189.0 million.Intends to use the net proceeds from this offering to fund a portion of the purchase price of its pending acquisition of all of the issued and outstanding membership interests in Red Rock Gathering Company, LLC (Red Rock).SMLP did not receive any proceeds from the common units sold by SMP Holdings.Barclays, BofA Merrill Lynch, Morgan Stanley, Deutsche Bank Securities, RBC Capital Markets, Citigroup, Goldman, Sachs & Co., and Wells Fargo Securities acted as joint book-running managers for the offering.Baird and BB&T Capital Markets acted as co-managers for the offering.  Full Article

Summit Midstream Partners, LP prices upsized public offering of common units
Tuesday, 11 Mar 2014 09:01pm EDT 

Summit Midstream Partners, LP:Announces pricing of underwritten public offering of 9,000,000 common units representing limited partner interests in SMLP, of which 5,300,000 common units are being offered by SMLP and 3,700,000 common units are being offered by Summit Midstream Partners Holdings, LLC.Public offering price of $38.75 per common unit.Number of units being sold by SMP Holdings has been upsized from 2,700,000 common units to 3,700,000 common units.Underwriters have been granted a 30-day option to purchase up to an additional 1,350,000 common units from SMP Holdings at the public offering price, less the underwriting discount.Offering is scheduled to close on March 17.Intends to use the net proceeds from this offering to fund a portion of the purchase price of pending acquisition of all of issued and outstanding membership interests in Red Rock Gathering Company, LLC.SMLP will not receive any proceeds from the common units sold by SMP Holdings.Barclays, BofA Merrill Lynch, Morgan Stanley, Deutsche Bank Securities, RBC Capital Markets, Citigroup, Goldman, Sachs & Co., and Wells Fargo Securities are acting as joint book-running managers for the offering.Baird and BB&T Capital Markets are acting as co-managers for offering.  Full Article

Summit Midstream Partners, LP announces acquisition of Red Rock Gathering - Form 8-K
Monday, 10 Mar 2014 04:07pm EDT 

Summit Midstream Partners, LP (SMLP):Enters into purchase and sale agreement with Red Rock Gathering, LLC and Summit Midstream Partners Holdings, LLC, a wholly owned direct subsidiary of Summit Midstream Partners, LLC.Pursuant to which SMLP acquired all of the issued and outstanding membership interests of Red Rock Gathering for a total purchase price of $305.0 million.Says Red Rock acquisition will be partially financed with a draw of about $110.0 million under SMLP’s revolving credit facility.Says balance of the acquisition is expected to be financed with the proceeds from a primary equity offering of SMLP common units.Says Red Rock acquisition is expected to close in March.  Full Article

Summit Midstream Partners, LP announces public offering of common units
Monday, 10 Mar 2014 04:04pm EDT 

Summit Midstream Partners, LP:Commenced an underwritten public offering of 8,000,000 common units representing limited partner interests in SMLP.Which 5,300,000 common units are being offered by SMLP and 2,700,000 common units are being offered by Summit Midstream Partners Holdings, LLC.Pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.Net proceeds from this offering to fund a portion of the purchase price of its pending acquisition.  Full Article

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