Deal Description: On November 16, 2023, Summit Midstream Partners, LP (“SMLP”) announced the execution of an opportunistic refinancing of its senior notes due 2025 (the “2025 Unsecured Notes”).

SMLP entered into a privately negotiated agreement to issue a total of $209.5 million aggregate principal amount of unsecured notes (the “2026 Unsecured Notes”) in exchange for $180.0 million aggregate principal amount of existing 2025 Unsecured Notes, which notes will be cancelled, and $29.5 million in cash. The new money raised will be used to redeem or repurchase existing 2025 Unsecured Notes (collectively, the “Transactions”) that are not exchanged. The 2026 Unsecured Notes will bear interest at 12.00% and mature on October 15, 2026.

Baker Botts L.L.P. represented SMLP in the Transactions.

SMLP’s press release can be found here.

Baker Botts Lawyers/Office Involved:

• Corporate: Josh Davidson (Partner; Houston); Clint Rancher (Partner; Houston); Garrett Hughey (Senior Associate; Houston); Austin Lee (Associate; Houston)
• Finance: Clint Culpepper (Partner; Austin); Regan Vicknair (Associate; Houston)
• Tax: Michael Bresson (Partner; Houston); Jared Meier (Senior Associate; Houston)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.