|Bid||0.8425 x 1000|
|Ask||0.8500 x 800|
|Day's Range||0.8201 - 0.8500|
|52 Week Range||0.5000 - 5.3000|
|Beta (5Y Monthly)||3.21|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 06, 2020 - Nov 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 06, 2020|
|1y Target Est||0.80|
Moody's Investors Service (Moody's) downgraded Summit Midstream Partners, LP's (SMLP) Corporate Family Rating (CFR) to B3 from B2 and perpetual preferred units rating to Caa3 from Caa2. Moody's concurrently downgraded Summit Midstream Holdings, LLC's (Summit) senior unsecured notes rating to Caa2 from Caa1.
Summit Midstream Partners, LP (NYSE: SMLP) announced that on October 15, 2020, Double E Pipeline, LLC ("Double E"), a joint venture in which SMLP owns a 70% equity interest and serves as operator, received Federal Energy Regulatory Commission ("FERC") approval of its application to construct and operate the Double E Pipeline Project, pursuant to Section 7(c) of the Natural Gas Act. Double E is a new interstate natural gas pipeline that is currently under development and, upon completion, will provide up to 1.35 million dekatherms of firm transportation service from the Delaware Basin in southeast New Mexico and west Texas to delivery points near Waha in Reeves and Pecos Counties, Texas. Upon fulfilling certain remaining requirements, including finalizing a right-of-way grant from the Bureau of Land Management and filing an implementation plan with the FERC, Double E expects to receive FERC's notice to proceed with construction. This notice to proceed is expected within the next 90 days.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC ("SMP Holdings"), has secured formal consents from lenders collectively holding more than 73% of the $155.2 million outstanding Term Loan under its Term Loan Agreement, dated as of March 21, 2017 (the "Term Loan"), in support of the previously announced consensual Term Loan restructuring transaction (the "TL Restructuring"). The consenting lenders now exceed the minimum threshold to proceed with the remaining conditions to close the TL Restructuring. SMLP will continue to engage with additional Term Loan lenders who have not yet formally consented to the TL Restructuring over the next week and has initiated the necessary actions to ensure that the SMLP common units provided as partial consideration for the TL Restructuring are freely tradable upon closing.