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Summit Midstream Partners extends maturity date of $1.25B revolver

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Summit Midstream Partners extends maturity date of $1.25B revolver

Summit Midstream Partners LP subsidiary Summit Midstream Holdings LLC extended the maturity date of its $1.25 billion revolving credit facility by about three-and-a-half years, from November 2018 to May 2022.

The credit facility, which is underpinned by a syndicate of 20 institutions, includes a $250.0 million accordion. In addition to the extended maturity date, the total-leverage-ratio financial covenant increased to 5.50 to 1.00, from 5.00 to 1.00, in exchange for a new senior secured-leverage-ratio financial covenant of 3.75 to 1.00, according to a May 30 news release.

With the change to the credit facility, Summit Midstream Partners would have no significant debt maturities until 2022, according to President and CEO Steve Newby.