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Summit Midstream Partners Closes $175MM Financing for Double E Pipeline Project

March 10, 2021, 06:00 AM
Filed Under: Energy

Summit Midstream Partners' wholly-owned, indirect subsidiary, Summit Permian Transmission, LLC, closed on its previously announced $175 million of senior secured credit facilities which will be used to finance the development of the Double E Pipeline Project ("Double E"), in which it owns a 70% interest.

SMLP expects to fund all of its estimated $150 million Double E investment in 2021 with the Credit Facilities, which include a delayed draw feature. SMLP continues to expect that Double E will be completed at or below the current $425 million capital budget, of which, approximately $35 million remains in unidentified project contingency. In conjunction with closing of the Credit Facilities, SMLP also posted a $16 million letter of credit under its corporate revolving credit facility to support back-end equity contributions, which may not be needed if unidentified project contingency is not fully utilized. To the extent additional equity funding is needed, it is not expected to fund until 2022, following the in-service date of Double E in the fourth quarter of 2021.

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