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Summit Midstream begins exchange offer for series A preferreds
Chicago, March 10 – Summit Midstream Partners, LP launched an exchange offer for its 9.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units on Wednesday, according to a press release.
The company is offering to exchange each preferred unit for 27 common units.
Holders of at least 15,000 series A units must participate for the exchange to occur.
The maximum number of series A preferred units that will be exchanged is 80,000.
The offer is subject to proration if the cap is exceeded.
No unpaid distributions will be paid to unitholders, regardless of when accumulated.
The exchange offer expires at 11:59 p.m. ET on April 6.
D.F. King & Co., Inc. is the information agent (800 967-5071, 212 269-5550, summitmidstream@dfking.com).
American Stock Transfer & Trust Co., LLC is the depositary for the exchange offer (877 248-6417, 718 921-8317.
Summit, based in Houston, is an owner and operator of midstream energy infrastructure assets.
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