Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

Summit Midstream Partners, LP Announces Anticipated Closing Date of SMP Holdings’ Term Loan Restructuring & Concurrent Comprehensive payment of DPPO

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Nov 16, 2020, 17:15 ET

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HOUSTON , Nov. 16, 2020 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) announced today that substantially all closing conditions towards the formerly established consensual Term Loan restructuring deal (the “TL Restructuring”) involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC (“SMP Holdings”) have now been pleased. Loan providers collectively keeping 100% for the aggregate principal amount of claims, like the about $155.2 million in major quantity outstanding, under SMP Holdings’ Term Loan (the “Term Loan”) have actually consented into the TL Restructuring and, at closing, will get their pro rata stocks of consideration composed of $26.5 million of money and about 2.3 million SMLP typical devices currently pledged as security underneath the Term Loan (which were modified to correctly mirror the current 1-for-15 reverse SMLP common product split) in complete satisfaction of SMP Holdings’ outstanding responsibilities beneath the Term Loan.

The TL Restructuring is anticipated to shut on November 17, 2020 . Upon closing of this TL Restructuring, SMLP will distribute the consideration to the Term Loan lenders and spend relevant costs, after which the definition of Loan is likely to be completely released additionally the Term Loan companies will waive their liberties to your and all sorts of claims against SMP Holdings and its own affiliates under the Term Loan and launch the non-economic partner that is general in SMLP from SMP Holdings’ collateral package beneath the Term Loan.

In addition, the $180.75 million deferred purchase cost responsibility (the “DPPO”) that SMLP owes to SMP Holdings will be completely settled simultaneously because of the closing associated with TL Restructuring once SMLP makes an approximate $27.0 million money re re payment to SMP Holdings. Continue reading

Buying a home loan. Obtain Information from A Few Loan Providers

Buying a home loan. Obtain Information from A Few Loan Providers

Main-stream loans — home mortgages apart from those insured or guaranteed in full by a national federal federal government agency including the FHA (Federal Housing Administration), the VA (Veterans management), or even the Rural developing Services (formerly referred to as Farmers Residence Administration or FmHA).

Escrow — The holding of cash or papers by a basic alternative party before closing in a house. It is also a free account held by the lending company (or servicer) into which a home owner pays cash for taxes and insurance.

Fixed-rate loans — Loans that generally speaking have payment terms of 15, 20, or 30 years. Both the attention price plus the monthly obligations (for principal and interest) remain the exact same throughout the lifetime of the loan.

Rate of interest — the purchase price taken care of borrowing cash, often stated in percentages so that as a rate that is annual.

Loan origination charges — charges charged by the loan provider for processing that loan; frequently expressed as a share associated with loan quantity.

Lock-in — A written contract guaranteeing a homebuyer an interest that is specific on a home loan provided the mortgage is closed within a particular duration, such as for example 60 or ninety days. Continue reading