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."
總裁、首席執行官兼董事會主席希思·德內克評論說：“我要感謝我們所有的單位持有人對Summit向C公司轉型的大力支持。該交易將通過減少單位持有人未來的稅收負擔，簡化Summit的結構以使其股權更易於擁有，增強交易流動性，爲投資者提供更高的透明度和更輕鬆的決策，從而帶來顯著的好處。除了轉換外，我們昨天宣佈的票據發行以及預計我們的ABL信貸額度從4億美元擴大到5億美元，這增加了Summit執行相對於現有資本結構的戰略的財務靈活性。通過C公司轉換、預期再融資、積極的投資組合管理以及加強峯會財務狀況的措施，我們爲Summit的持續增長和成功做好了準備。我們期待完成這一系列交易，推動投資者創造價值。”