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Hold (2.00 out of 4)
100th percentile
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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thursday, April 18, 4:49 AM
Slide #226. Summit Midstream Partners, LP — Preferred Stock Offering
Company: |
Summit Midstream Partners, LP (NYSE:SMLP) |
Date announced: |
11/8/2017 |
Shares Offered: |
300,000 |
Date of Pricing: |
11/9/2017 |
Price Per Share: |
$1,000.00 |
Preferred Stock Offering Details: |
Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced today that it has commenced, subject to market conditions, an underwritten public offering of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the "Preferred Units"). The Partnership intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility and for general partnership purposes. -updated 11/9- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced today that it has priced an underwritten public offering of 300,000 of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the "Preferred Units") at a price of $1,000 per unit. Distributions on the Preferred Units will be payable from and including the date of original issue to, but not including, December 15, 2022, at a rate equal to 9.50% per annum of the $1,000 liquidation preference. On and after December 15, 2022, distributions on the Preferred Units will accumulate for each distribution period at a percentage of the liquidation preference equal to the three-month LIBOR plus a spread of 7.43%. The offering is expected to close on November 14, 2017, subject to customary closing conditions. |
Summit Midstream Partners is engaged in developing and operating midstream energy infrastructure assets that are located in resource basins, shale formations, in the continental U.S. Co.'s segments are: Rockies, which includes its wholly owned midstream assets located in the Williston Basin and the DJ Basin; Permian, which includes its wholly owned midstream assets located in the Permian Basin; Northest, which includes its wholly owned midstream assets located in the Utica and Marcellus shale plays; Piceance, which includes its wholly owned midstream assets located in the Piceance Basin; and Barnett, which includes its wholly owned midstream assets located in the Barnett Shale.
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