Summit Midstream Corp. Reports New Financial Obligation

TL;DR

SMLP just took on new debt, filing an 8-K on Jan 10, 2025.

AI Summary

On January 10, 2025, Summit Midstream Corp. (SMLP) filed an 8-K to report the creation of a direct financial obligation. The filing indicates a new debt arrangement, though specific details regarding the amount and terms are not immediately available in this summary section.

Why It Matters

This filing signals a change in Summit Midstream's debt structure, which could impact its financial leverage and future investment capacity.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation can introduce new risks related to debt servicing and financial covenants.

Key Players & Entities

• Summit Midstream Corp. (company) — Registrant
• January 10, 2025 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 910 Louisiana Street, Suite 4200 (address) — Principal executive office
• Houston, TX 77002 (address) — Principal executive office city and zip
• 832-413-4770 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $250,000,000 — n (the "Company"), issued an additional $250,000,000 in aggregate principal amount of the Is
• $575,000,000 — ch, on July 26, 2024, the Issuer issued $575,000,000 in aggregate principal amount of the Is
• $825,000,000 — amount outstanding of the Notes became $825,000,000. The Additional Notes are guaranteed
• $25.0 million — l with a fair market value in excess of $25.0 million to be valid or enforceable for 30 days
• $75.0 million — tal amount of such indebtedness exceeds $75.0 million; failure by the Company or any of its
• $75.0 m — able judgments aggregating in excess of $75.0 million, which judgments are not discharg

Filing Documents

• ea0227407-8k_summit.htm (8-K) — 44KB
• 0001213900-25-002670.txt ( ) — 218KB
• smc-20250110.xsd (EX-101.SCH) — 3KB
• smc-20250110_lab.xml (EX-101.LAB) — 33KB
• smc-20250110_pre.xml (EX-101.PRE) — 22KB
• ea0227407-8k_summit_htm.xml (XML) — 4KB

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On January 10, 2025, Summit Midstream Holdings, LLC (the "Issuer"), a Delaware limited liability company and a subsidiary of Summit Midstream Corporation, a Delaware corporation (the "Company"), issued an additional $250,000,000 in aggregate principal amount of the Issuer's 8.625% Senior Secured Second Lien Notes due 2029 (the "Additional Notes"). The Additional Notes were issued as additional notes under the indenture (as amended and supplemented from time to time, the "Indenture"), among the Issuer, the guarantors party thereto (the "Guarantors") and Regions Bank, as trustee and as collateral agent, pursuant to which, on July 26, 2024, the Issuer issued $575,000,000 in aggregate principal amount of the Issuer's 8.625% Senior Secured Second Lien Notes due 2029 (the "Existing Notes" and, together with the Additional Notes, the "Notes"). The Additional Notes are treated as a single class with the Existing Notes for all purposes, were issued under the same CUSIP numbers as, and are fully fungible with, the Existing Notes (except that the Additional Notes issued pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), will trade separately under a different CUSIP number until February 19, 2025, but thereafter, any such holder may transfer its Additional Notes issued pursuant to Regulation S under the Securities Act into the same CUSIP number as the Existing Notes issued pursuant to Regulation S under the Securities Act), and rank pari passu with the Existing Notes, and vote together with the holders of the Existing Notes on any matter submitted to the holders of such series of Notes. Upon issuance of the Additional Notes, the aggregate principal amount outstanding of the Notes became $825,000,000. The Additional Notes are guaranteed on a senior second-priority basis by the Company and certain of the Compan

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 4.1 Indenture, dated July 26, 2024, among Summit Midstream Holdings, LLC, as issuer, the guarantors party thereto and Regions Bank, as trustee and as collateral agent, pursuant to which the Notes were issued (incorporated herein by reference to Exhibit 4.1 to Summit Midstream Partners, LP's Current Report on Form 8-K filed July 29, 2024 (Commission File No. 001-35666)). 4.2 Supplemental Indenture, dated August 1, 2024, among Summit Midstream Holdings, LLC, Summit Midstream Corporation, Summit Midstream Partners, LP and Regions Bank, as trustee and collateral agent (incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K12B filed August 1, 2024 (Commission File No. 001-42201)). 4.3 Second Supplemental Indenture, dated December 4, 2024, among Summit Midstream Holdings, LLC, Tall Oak Midstream Operating, LLC, Tall Oak Woodford, LLC, VM ARKOMA Stack, LLC, BCZ Land Holdings, LLC and Regions Bank, as trustee and collateral agent (incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed December 6, 2024 (Commission File No. 001-42201)). 4.4 Form of 8.625% Senior Secured Second Lien Note due 2029 (included as Exhibit A in Exhibit 4.1 to Summit Midstream Partners, LP's Current Report on Form 8-K filed July 29, 2024 (Commission File No. 001-35666) and incorporated herein by reference to Exhibit 4.2 to Summit Midstream Partners, LP's Current Report on Form 8-K filed July 29, 2024 (Commission File No. 001-35666)). 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Summit Midstream Corporation (Registrant) Dated: January 10, 2025 /s/ William J. Mault William J. Mault, Executive Vice President and Chief Financial Officer 4