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Summit Midstream Reduces & Prepays Deferred Purchase Price Obligation by $123MM

By Criterion Research
November 8, 2019 -

Summit Midstream entered into a deal to prepay and reduce their Deferred Purchase Price Obligation (DPPO) by $123 million, or 40%, while extending the payment date to January 2022.  The deal was funded with $52 million in cash and 10.7 million shares.  

The deal shifted a near-term obligation to pay $152 million on June 30, 2020, and the second payment of $152 million on December 31, 2020, to that 2022 deadline with options to make interim payments until 2022.  


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Categories
Oil and Gas
Midstream

Commodities
Financial

Tags
Debt Financing Activities
Earnings Releases
Equity Sales and Refinancing

Countries
United States

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