Benzinga | Feb 2, 2021 06:52AM EST

Summit Midstream Partners, LP Announces $175M Of Financing Commitments For Double E Pipeline Project

HOUSTON, Feb. 2, 2021 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) (the "Partnership" or "SMLP") announced today that its wholly-owned, indirect subsidiary, Summit Permian Transmission, LLC, has received $175 million of commitments from three leading commercial banks to finance the development of its Double E Pipeline Project ("Double E"). The lenders have committed to provide senior secured credit facilities consisting of a $160 million delayed draw term loan facility and a $15 million working capital facility (collectively, the "Credit Facilities"). The Credit Facilities are non-recourse to SMLP and mature seven years after the date of initial borrowing. SMLP expects to close and fund on the Credit Facilities shortly and will post a $15 million letter of credit under its corporate revolving credit facility to support back-end equity contributions, if any needed, upon first funding.