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Summit Midstream Corporation Announces $42 Million Equity Issuance to Affiliate of Tailwater Capital
Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it and its subsidiary, Summit Midstream Partners, LP (the "Partnership"), have entered into a securities purchase agreement with an affiliate of Tailwater Capital LLC ("Tailwater"), for a private placement of 1,351,351 shares of the Company's common stock, at a price of $31.08 per share.
About this update from Summit Midstream Corporation
[{"type":"text","content":"HOUSTON, March 31, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it and its subsidiary, Summit Midstream Partners, LP (the "Partnership"), have entered into a securities purchase agreement with an affiliate of Tailwater Capital LLC ("Tailwater"), for a private placement of 1,351,351 shares of the Company's common stock, at a price of $31.08 per share.","length":479,"tagName":"p"},{"type":"image","alt":"Summit Midstream Partners Logo. (PRNewsFoto/Summit Midstream Partners)","displaySize":"","headline":null,"caption":"Summit Midstream Partners Logo. (PRNewsFoto/Summit Midstream Partners)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":123,"url":"https://media.zenfs.com/en/prnewswire.com/bae9081e1be5702d3e8e4da1701ab8d6"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/R_EgdjkXEZciBm71VRjlig--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIxNw--/https://media.zenfs.com/en/prnewswire.com/bae9081e1be5702d3e8e4da1701ab8d6","width":400,"height":123}},"href":"https://mma.prnewswire.com/media/74903/summit_midstream_partners_logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The investment strengthens Summit's balance sheet and provides capital to fund the Company's strategic growth initiatives and general corporate purposes.","length":161,"tagName":"p"},{"type":"text","content":""We are pleased to expand our relationship with Tailwater Capital through this equity issuance," said Heath Deneke, President, Chief Executive Officer and Chairman of Summit. "This $42 million investment represents a significant vote of confidence in our company's outlook and provides us with financial flexibility to execute on our current pipeline of high-return growth projects while continuing to make progress towards achieving our long-term 3.5x leverage target."","length":494,"tagName":"p"},{"type":"text","content":"Pursuant to the securities purchase agreement, Summit will issue 1,351,351 shares of its common stock at a price per share of $31.08 to raise $42.0 million for debt reduction and to fund growth capital. The $31.08 price per share represents the closing price as of March 30, 2026. The shares are subject to a 6-month lock up period and other ...