Summit Midstream (SMC) said Tuesday its Summit Midstream Holdings unit is offering $250 million in additional 8.625% senior secured second lien notes due 2029.

The company said the new notes will have the same terms as $575 million of existing notes, apart from the issue date and price, and will be secured on a second-priority basis by the same collateral backing the Summit Midstream Holdings' asset-based lending facility.

Net proceeds from the offering will be allocated toward reducing borrowings under its credit facility and for general corporate purposes, the company said.

Summit Midstream shares were 0.3% higher in recent trading.

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