Summit Midstream Partners, LP (SMLP) Friday announced the sale of Summit Midstream Utica, LLC to a subsidiary of MPLX LP for $625 million in cash.
This sale includes its approximately 36 percent interest in Ohio Gathering Company, LLC, approximately 38 percent interest in Ohio Condensate Company, LLC, and wholly-owned Utica assets, collectively known as Utica Position.
The sale aims to enhance the credit profile and financial flexibility of the company, lower Summit's current net leverage by 1.5x to sub-4.0x, and allow Summit to reduce the cost of capital in a high-interest rate environment.
Furthermore, the company mentioned that its Board and management intend to request approval from Summit unitholders to convert the Partnership to a C-Corp at a Special Meeting later this year.
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