Summit Midstream Partners, LP Closes Offering of $700 Million Senior Secured Second Lien Notes and $400 Million Asset-Based Credit Facility
Vinson & Elkins advised the initial purchasers in connection with an offering by Summit Midstream Holdings, LLC (“Summit Holdings”) and Summit Midstream Finance Corp. of $700 million aggregate principal amount of 8.50% Senior Secured Second Lien Notes due 2026.
Concurrently with the closing of the offering and the issuance of the notes, Vinson & Elkins advised Bank of America, N.A. in connection with Summit Holdings’ entrance, as borrower, into a first-lien, senior secured credit agreement with Summit Midstream Partners, LP (the “Partnership”), certain subsidiaries of the Partnership party thereto, Bank of America, N.A., as agent and the several lenders and other agents party thereto, consisting of a $400 million asset-based revolving credit facility (the “ABL Credit Agreement”).
The V&E team advising on the notes was led by corporate partners Alan Beck and David Stone, with assistance from and associates Alex Lewis, Layton Suchma and Sydney Verner, and finance partner David Wicklund, with assistance from senior associate Caitlin Snelson and associates Cole Renicker and Taylor Daily. Also advising were partners Jim Meyer and Wendy Salinas and associate Jeff Slusher; and partner Larry Nettles and associate Austin Pierce.
The V&E team advising on the ABL Credit Agreement was led by partner Erec Winandy and counsel Farah Paliwala, with assistance from partner David Wicklund and associates David Albano and Joe Kmak. Also advising were partner Wendy Salinas and associate Olivia Sher; and partner Brian Bloom.
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