Summit Midstream draws from $700 million revolver to fund acquisition

By Marisa Wong

Madison, Wis., May 18 – Summit Midstream Partners, LP made a draw under its $700 million revolving credit facility to finance an acquisition, according to a press release.

Summit Midstream’s wholly owned subsidiary, Bison Mistream, LLC, closed on Monday its acquisition of 100% of the equity interests of certain subsidiaries of Summit Midstream Partners, LLC (Summit Investments) for total cash consideration of $255 million.

The company also announced that it exercised an option to acquire a crude oil transmission project currently under development in the Williston Basin from a subsidiary of Summit Investments for an additional $35 million.

The $290 million total acquisition was financed by the revolver borrowings as well as proceeds from an equity offering that closed on May 13.

Summit is a Denver-based construction materials company.

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