Reported Earlier, Summit Midstream Partners Announces Unitholders' Approval Of C-Corporation Conversion And Expansion Of Credit Facility To $500M
Reported Earlier, Summit Midstream Partners Announces Unitholders' Approval Of C-Corporation Conversion And Expansion Of Credit Facility To $500M
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."
Heath Deneke,总裁兼首席执行官,董事长,评论说:“我要感谢所有投资者对Summit转为C-corporation的大力支持。这项交易将通过降低持有人未来的税负、简化Summit的结构以使其股权更易于持有、增强交易流动性和提供更大透明度和更容易的决策,提供重大利益。除基于策略转换,我们还宣布了昨天的债券发行和预期将ABL信贷额度从4亿美元增加到5亿美元的扩大计划。我们已通过C-corporation转换、预期的再融资、积极的资产组合管理和加强财务资本结构方面的步骤,为持续增长和成功定位了Summit。我们期待完成这一系列交易,为投资者创造价值。”