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Baker Botts Represents Summit Midstream Partners, LP in $300 Million Preferred Offering

Deal Description: Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership”) agreed to issue and sell 300,000 of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in the Partnership (the "Preferred Units") at a price of $1,000 per unit an underwritten public offering. Distributions on the Preferred Units are payable from and including the date of original issue to, but not including, December 15, 2022, at a rate equal to 9.50% per annum of the $1,000 liquidation preference. On and after December 15, 2022, distributions on the Preferred Units will accumulate for each distribution period at a percentage of the liquidation preference equal to the three-month LIBOR plus a spread of 7.43%. The offering closed on November 14, 2017.

The Partnership received net proceeds from the offering of approximately $293 million (after deducting underwriting discounts and estimated offering expenses), and intends to use all of the net proceeds to repay outstanding borrowings under its revolving credit facility.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as the joint book-running managers of this offering, and Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as representative of each of the underwriters.

Baker Botts Lawyers/Office Involved:


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