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.
Price: 37.47, Change: -0.40, Percent Change: -1.06
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.