Summit Midstream Partners, LP (NYSE:SMLP) Files An 8-K Entry into a Material Definitive Agreement

On May 26, 2017, Summit Midstream Holdings, LLC (“Summit
Holdings”), a wholly owned subsidiary of Summit Midstream
Partners, LP (“SMLP”), closed on a third amendment and
restatement of our revolving credit facility which: (i) maintains
the revolving credit facility commitments of $1.25 billion, (ii)
extends the maturity from November 2018 to May 2022, (iii)
includes a $250.0 million accordion feature, (iv) maintains the
same leverage-based pricing and commitment fee grid, (v)
increases the total leverage ratio financial covenant, as defined
in the credit agreement, from 5.00 to 1.00 to 5.50 to 1.00 and
(vi) includes a senior secured leverage ratio financial covenant,
as defined in the credit agreement, of 3.75 to 1.00.

The revolving credit facility is secured by the membership
interests of Summit Holdings and the membership interests of all
the subsidiaries of Summit Holdings and by substantially all of
the assets of Summit Holdings and its subsidiaries (subject to
exclusions set forth in the credit agreement). It is guaranteed
by SMLP and all of the subsidiaries of Summit Holdings other than
the Specified Subsidiaries (as defined in the credit agreement).
The revolving credit facility allows for revolving loans, letters
of credit and swingline loans. Borrowings under the revolving
credit facility bear interest, at the election of Summit
Holdings, at a rate based on the alternate base rate (as defined
in the credit agreement) plus an applicable margin ranging from
0.75% to 1.75% or the adjusted Eurodollar rate (as defined in the
credit agreement) plus an applicable margin ranging from 1.75% to
2.75%.

The credit agreement contains affirmative and negative covenants
customary for credit facilities of its size and nature that,
among other things, limit or restrict the ability (i) to incur
additional debt; (ii) to make investments; (iii) to engage in
certain mergers, consolidations, acquisitions or sales of assets;
(iv) to enter into swap agreements and power purchase agreements;
(v) to enter into leases that would cumulatively obligate
payments in excess of $50.0 million over any 12-month period; and
(vi) of Summit Holdings to make distributions, with certain
exceptions, including the distribution of Available Cash (as
defined in the SMLP partnership agreement) if no default or event
of default then exists or would result therefrom and Summit
Holdings is in pro forma compliance with its financial covenants.
In addition, the revolving credit facility requires Summit
Holdings to maintain (i) a ratio of consolidated trailing
12-month earnings before interest, income taxes, depreciation and
amortization (“EBITDA”) to net interest expense of not less than
2.5 to 1.0 as defined in the credit agreement (ii) a ratio of
total net indebtedness to consolidated trailing 12-month EBITDA
of not more than 5.50 to 1.00 and, (iii) a ratio of first lien
net indebtedness to consolidated trailing 12-month EBITDA of not
more than 3.75 to 1.00. The foregoing description of the
revolving credit facility does not purport to be complete and is
qualified in its entirety by reference to the Third Amended and
Restated Credit Agreement dated May 26, 2017, a copy of which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.