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J. Heath Deneke, Chairman, President and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), has recently sold shares of the company’s common stock, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, which took place over several days, involved the sale of 3,000 shares at prices ranging from $39.29 to $41.80, totaling $121,624. The stock has shown strong momentum, delivering a nearly 90% return over the past year and currently trading near $39.30, well within its 52-week range of $17.26 to $45.89.
The sales were executed under a pre-established Rule 10b5-1 trading plan. Following these transactions, Deneke’s direct ownership stands at 237,326 shares. Summit Midstream Corp, based in Houston, Texas, is involved in the natural gas transmission industry. The company maintains a Fair overall financial health rating according to InvestingPro analysis, with annual revenues of $451M and a solid gross profit margin of 51%. Analysis suggests the stock is currently undervalued, making it an interesting watch for value investors.
In other recent news, Summit Midstream Corporation has announced plans to offer an additional $250 million in senior secured second lien notes due in 2029. This move is part of a strategy to repay a portion of its asset-based lending credit facility and cover general corporate expenses. The new notes will be an add-on to the existing $575 million 8.625% notes, bringing the total to $825 million. These notes will be secured by the same collateral backing the company’s lenders under its asset-based lending facility. They will be offered to qualified institutional buyers and non-U.S. persons in compliance with the Securities Act of 1933.
The issuance is designed to manage Summit Midstream’s debt portfolio and liquidity needs. Interest on the notes will be payable semi-annually, with the notes maturing on October 31, 2029. There are options for redemption under certain conditions, including the possibility of redeeming up to 40% of the aggregate principal amount at a specified price before July 31, 2026. This financial activity is documented in a recent SEC filing, which outlines the legal framework and covenants associated with the notes.
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