Golden Flag Represents Summit in Fully-Consensual De-Levering Transaction

Golden Flag advised Summit Midstream Partners, LP (NYSE: SMLP) on a fully-consensual Term Loan restructuring involving its wholly owned, indirect subsidiary, Summit Midstream Partners Holdings, LLC.  Lenders collectively holding 100% of the aggregate principal amount of claims (approximately $155.2 million in principal amount outstanding) under SMP Holdings’ Term Loan consented to the out-of-court restructuring and, on Nov. 17, 2020, received their pro rata shares of consideration consisting of $26.5 million of cash and approximately 2.3 million SMLP common units currently pledged as collateral under the Term Loan in full satisfaction of SMP Holdings’ outstanding obligations under the Term Loan.  

Read Summit Midstream's press release

The team was led by debt finance partners Rohit Chaudhry and Rustin Brown and restructuring partner Christopher Marcus and associates Stephen Iacovo and Charles Sterrett; with assistance from transactional partners Erik Hepler and Sean Wheeler and restructuring associate Ameneh Bordi.