HOUSTON—Deneke J. Heath, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently sold a total of $113,280 worth of common stock in a series of transactions. The sales occurred over three days, from January 3 to January 7, 2025. The sales come as SMC’s stock has shown remarkable performance, with InvestingPro data showing a 112% return over the past year, though the company currently trades near its Fair Value.
The transactions involved the sale of 1,000 shares each day, with prices ranging from $37.53 to $37.94 per share. Following these sales, Heath’s direct ownership of Summit Midstream stock stands at 253,006 shares.
These sales were conducted under a pre-established Rule 10b5-1 trading plan, which allows corporate insiders to set up a predetermined schedule for selling stocks to avoid potential conflicts of interest.
In other recent news, Summit Midstream Corporation has announced several significant developments. The company has revealed plans to offer an additional $250 million in senior secured second lien notes due in 2029, part of a strategy to repay a portion of its asset-based lending credit facility and cover general corporate expenses. This follows the company’s recent acquisition of Tall Oak Midstream Operating, LLC, further expanding its operational capacity.
Stockholder approval was also recently granted for the issuance of up to 7,471,008 shares of Class B common stock to Tall Oak Midstream Holdings, LLC. The company has also reported strong Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million.
Summit Midstream Corp, along with several other subsidiaries, has signed a second supplemental indenture with Regions Bank, providing a guarantee for $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029. These recent developments underscore the company’s ongoing efforts to strengthen its financial structure and expand its operations.
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