Deal description: Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), has entered into definitive agreements with Outrigger Energy II LLC to acquire Outrigger DJ Midstream LLC ("Outrigger DJ"); and with Sterling Investment Holdings LLC to acquire Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC (collectively, "Sterling DJ"), which own natural gas gathering and processing systems, a crude oil gathering system, freshwater rights, and a subsurface freshwater delivery system in the DJ Basin for cash consideration of $305 million, subject to customary transaction adjustments.

The transactions are expected to close during the fourth quarter of 2022, subject to customary regulatory approvals.

Baker Botts represented Summit Midstream Partners in obtaining commitment letters from certain investors to purchase $85,000,000 aggregate principal amount of 8.500% Senior Secured Second Lien Notes due 2026 at an issue price of not less than 99.26%, subject to the execution of a definitive purchase agreement and the satisfaction of the conditions contained therein. The proceeds of this note issuance would be used to fund a portion of the consideration for the acquisitions.

The company’s press release can be found here.

Baker Botts Lawyers/Offices:

Corporate: Josh Davidson (Partner, Houston), Clint Rancher (Partner, Houston), Clint Culpepper (Partner, Houston), Garrett Hughey (Senior Associate, Houston), Austin Lee (Associate, Houston), Regan Vicknair (Associate, Houston)

Tax: Mike Bresson (Partner, Houston), Jared Meier (Senior Associate, Houston)

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