Summit Midstream Announces Closing of $285 Million Revolving Credit Facility
May 31, 2011
Dallas, Texas – Summit Midstream Partners, LLC (“Summit”) announced today the closing of a $285 million senior secured revolving credit facility. The credit facility, which matures in May 2016, also contains an accordion provision that permits Summit to increase the total size of the facility by up to $150 million at any time prior to maturity.
RBS Securities Inc. was the sole bookrunner for the transaction and was joined by joint lead arrangers BMO Capital Markets Inc. and Regions Bank. In total, seven lenders participated in the loan syndication.
“We sincerely appreciate the support of our lenders and are excited about achieving this important milestone in Summit’s history. This credit facility, in combination with our strong equity capital backing from Energy Capital, will provide Summit with significant financial resources and flexibility for the continued development of our midstream infrastructure assets in the Barnett Shale and our planned development of midstream infrastructure in the Marcellus Shale” stated Steve Newby, President and Chief Executive Officer.
About Summit Midstream Partners, LLC
Summit is a midstream energy company focused on acquiring and developing a portfolio of midstream energy infrastructure assets that are strategically located in traditional and emerging North American production basins and import centers. Summit is headquartered in Dallas, TX with offices in Atlanta, GA and Houston, TX.
Summit’s management team has over 100 years of collective experience in the midstream energy segment having invested in, raised capital, and managed over $5 billion of midstream assets including development projects and operating companies. Summit was formed in 2009 and is wholly-owned by funds controlled by Energy Capital Partners, LLC, a multi-billion dollar private equity firm focused on investing in North America's energy infrastructure. Together, Summit and Energy Capital Partners combine expertise in project development and financial resources to build, own and operate strategically located midstream energy infrastructure.