We advised an ad hoc group of preferred equity holders on an equity exchange offer

Davis Polk advised an ad hoc group of holders of 9.50% Series A fixed-to-floating rate cumulative redeemable perpetual preferred units of Summit Midstream Partners, LP in connection with an offer by Summit to exchange up to approximately $143 million in face value of the preferred units for common units representing limited partnership interests in Summit. On December 14, 2021, the ad hoc group and Summit entered into a tender and support agreement pursuant to which the members of the ad hoc group agreed to tender approximately $46 million in face value of preferred units and the offer was commenced.

Summit is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. Summit provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements.

The Davis Polk team included partners Damian S. Schaible and Marcel Fausten, counsel Aryeh Ethan Falk and associate Dylan A. Consla. All members of the Davis Polk team are based in the New York office.

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