Summit Midstream Announces $265 Million Increase to Credit Facility
May 08, 2012
Dallas, Texas – Summit Midstream Partners, LLC (“Summit”), today announced that its wholly-owned subsidiary, Summit Midstream Holdings, LLC, has closed on a $265 million increase to, and amendment and restatement of, its revolving credit facility. This transaction raises total borrowing capacity to $550 million and provides additional financial flexibility during the remaining four-year term of the facility. The amended and restated revolving credit facility is supported by a syndicate of 17 banks led by RBS Securities Inc. and BofA Merrill Lynch as joint lead bookrunners.
“We sincerely appreciate the continued support of our existing lender syndicate and are excited about the support our new lenders have shown to Summit” said Steve Newby, President and Chief Executive Officer.
About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC is a growth-oriented midstream energy company focused on owning and operating midstream energy infrastructure that is strategically located in the core areas of unconventional resource basins in North America. Summit is headquartered in Dallas, TX with offices in Atlanta, GA, Denver, CO and Houston, TX. Summit provides fee-based natural gas gathering and compression services, supporting some of the largest production companies in North America, in two unconventional resource basins: (i) the Piceance Basin, which includes the Mesaverde, Mancos and Niobrara Shale formations in western Colorado; and (ii) the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas.
Summit was formed in 2009 by members of management and funds controlled by Energy Capital Partners II, LP. Together with its affiliates, Energy Capital Partners is a private equity firm with over $7 billion in capital commitments that is focused on investing in North America's energy infrastructure. In August 2011, Energy Capital Partners sold an interest in Summit to GE Energy Financial Services. GE Energy Financial Services invests globally in essential, long-lived and capital-intensive energy assets.