SMLP - Summit Midstream Partners launches Series A preferred unit exchange offer

Summit Midstream Partners (NYSE:SMLP) commenced an exchange offer for any and all of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units tendered in the Exchange Offer for newly issued common units representing limited partner interests in the Partnership. For each Series A Preferred Unit that is accepted in the Exchange Offer, the holder will receive 38 common units. The Exchange Offer is scheduled to expire on Jan.12, 2022, unless extended. The Partnership will issue common units in exchange for each Series A Preferred Unit that is accepted for exchange promptly after the expiration date. Post a tender and support agreement, several holders of the Series A Preferred Units have agreed to tender 46,178 Series A Preferred Units in the exchange offer.

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Summit Midstream Partners launches Series A preferred unit exchange offer