• SMLP announces estimated $1.2 billion drop down of all operating assets from Summit Investments

  • Consideration for Drop Down Assets includes a $360.0 million Initial Payment and a Deferred Payment of $800.0 million to $900.0 million which will be funded in 2020

  • Transformational drop down enhances SMLP's growth profile with over 80% to 90% of the adjusted EBITDA contribution coming from the high growth Utica

  • Transaction is immediately accretive to distributable cash flow per unit

  • Transaction structure demonstrates substantial and continuing Sponsor support and will eliminate the need for any public market financing

  • SMLP has received commitments to upsize its revolving credit facility from $700.0 million to $1.25 billion and will use the facility to make the $360.0 million Initial Payment

  • SMLP reports 2015 adjusted EBITDA of $210.4 million and adjusted DCF of $154.3 million, including fourth quarter 2015 adjusted EBITDA of $53.3 million and adjusted DCF of $38.3 million

  • SMLP provides 2016 adjusted EBITDA guidance of $260.0 million to $290.0 million with expected distribution coverage ratio of 1.10x to 1.20x

Feb 25, 2016, 16:21 ET from Summit Midstream Partners, LP