Reported Earlier, Summit Midstream Partners Announces Unitholders' Approval Of C-Corporation Conversion And Expansion Of Credit Facility To $500M

Author: Benzinga Newsdesk | July 19, 2024 01:41am

Heath Deneke, President, Chief Executive Officer, and Chairman of the Board, commented, "I would like to thank all of our unitholders for their strong support for Summit's conversion to a C-corporation. This transaction will deliver significant benefits by reducing unitholders' tax burden going forward, simplifying Summit's structure to make its equity easier to own, enhancing trading liquidity and providing greater transparency and easier decision-making for investors. In addition to the conversion, the notes offering we announced yesterday and expected upsizing of our ABL credit facility from $400 million to $500 million increases Summit's financial flexibility to execute our strategy relative to our existing capital structure. Through the C-corporation conversion, expected refinancing, active portfolio management and steps to strengthen Summit's financial profile, we have positioned Summit for continued growth and success. We look forward to completing this set of transactions and driving value creation for our investors."

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