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Summit Midstream Partners LP (NYSE:SMC) stock has reached a new 52-week high, touching $45.43 as the company rides a wave of significant growth over the past year. According to InvestingPro data, the stock has delivered an impressive 156.98% return over the last twelve months, with a notable 26.98% gain in the past six months alone. This impressive milestone comes despite challenging fundamentals, with the company reporting a basic EPS of -$12.53 and operating under a significant debt burden. However, investors have shown increased confidence in SMC’s business model and growth strategy, propelling the stock to levels not seen in the last year. InvestingPro analysis suggests the stock may still be slightly undervalued, with additional insights available in the comprehensive Pro Research Report, which provides deep-dive analysis of SMC and 1,400+ other US equities.
In other recent news, Summit Midstream Corporation has been active in financial maneuvers. The company issued an additional $250 million in senior secured notes, bringing the total aggregate principal amount to $825 million. These notes, due in 2029, will be used to repay outstanding borrowings and for general corporate purposes.
Simultaneously, Summit Midstream Corporation announced the completion of a key transaction following an acquisition, which involved a supplemental indenture with Regions Bank and a collateral agreement. This move is expected to enhance the company’s financial structure.
In a related development, Summit Midstream Corporation planned a $250 million notes offering. The offering, guaranteed by the company and certain subsidiaries, is part of a strategy to repay a portion of its asset-based lending credit facility and cover corporate expenses.
Furthermore, Summit Midstream Corporation’s stockholders approved a significant stock issuance to Tall Oak Midstream Holdings, LLC. This issuance involves up to 7,471,008 shares of Class B common stock and an equal number of common units representing limited partner interests in Summit Midstream Partners, LP.
These are recent developments for Summit Midstream Corporation, reflecting the company’s strategic approach to managing its financial obligations and enhancing its operational capacity.
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