Summit Midstream to pay down revolver borrowings via new preferreds

By Tali Rackner

Minneapolis, Nov. 6 – Summit Midstream Partners, LP plans to repay outstanding borrowings under its revolving credit facility using the proceeds from a new offering of series A fixed- to floating-rate cumulative redeemable perpetual preferred units, according to a 424B3 filing with the Securities and Exchange Commission.

As of Friday, there was $526 million of borrowings and no letters of credit outstanding under the revolver, with a weighted average interest rate of 3.75% and a May 2022 maturity date.

Proceeds may also be used for general partnership purposes, which may include, among other things, the repayment of other debt, acquisitions and funding capital expenditures.

Summit Midstream Partners, based in the Woodlands, Texas, is an owner and operator of midstream energy infrastructure assets.

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