Summit Midstream Partners increases revolver size to $1.25 billion

By Sara Rosenberg

New York, Feb. 25 – Summit Midstream Partners LP increased its revolving credit facility to $1.25 billion from $700 million, according to a news release.

Proceeds will be used to fund an initial $360 million cash payment for the acquisition of all of the issued and outstanding membership interests of Summit Utica, Meadowlark Midstream and Tioga Midstream from Summit Midstream Partners LLC and the acquisition of Summit Investments’ 40% equity interest in each of Ohio Gathering and Ohio Condensate.

The company will then have a deferred payment estimated at about $800 million to $900 million due in 2020 for the acquisition. The deferred payment may be made in cash or Summit Midstream Partners units.

Closing on the transaction is expected in March.

Summit Midstream Partners is a The Woodlands, Texas-based limited partnership focused on developing, owning and operating midstream energy infrastructure assets.

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