Summit Midstream Partners’ $143 Million Exchange Offer

Davis Polk advised an ad hoc group of holders of 9.50% Series A fixed-to-floating rate cumulative redeemable perpetual preferred units of Summit Midstream Partners. Baker Botts advised Summit Midstream Partners on the deal.

Summit Midstream Partners announced an offer by Summit to exchange up to approximately $143 million in face value of the preferred units for common units representing limited partnership interests in Summit. On December 14, 2021, the ad hoc group and Summit entered into a tender and support agreement pursuant to which the members of the ad hoc group agreed to tender approximately $46 million in face value of preferred units and the offer was commenced.

Summit is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. Summit provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements.

The Davis Polk team included partners Damian S. Schaible (Picture) and Marcel Fausten, counsel Aryeh Ethan Falk and associate Dylan A. Consla.

The Baker Botts team included: Josh Davidson (Partner, Houston); Clint Rancher (Partner, Houston); Sarah Dodson (Senior Associate, Houston); Emmie Proctor (Associate, Houston); Malakeh Hijazi (Associate, Houston); Austin Lee (Associate, Houston); Michael Bresson (Partner, Houston); Jared Meier (Senior Associate, Houston).

Involved fees earner: Michael Bresson – Baker Botts LLP; Joshua Davidson – Baker Botts LLP; Sarah Dodson – Baker Botts LLP; Malakeh Hijazi – Baker Botts LLP; Austin Lee – Baker Botts LLP; Jared Meier – Baker Botts LLP; Emmie Proctor – Baker Botts LLP; Clint Rancher – Baker Botts LLP; Dylan Consla – Davis Polk & Wardwell; Aryeh Falk – Davis Polk & Wardwell; Marcel Fausten – Davis Polk & Wardwell; Damian Schaible – Davis Polk & Wardwell;

Law Firms: Baker Botts LLP; Davis Polk & Wardwell;

Clients: Summit Midstream Partners – ad hoc Group of Holders; Summit Midstream Partners, LP;