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HOUSTON—Summit Midstream Corp (NASDAQ:NYSE:SMC) Chairman, President, and CEO Deneke J. Heath recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. Over a series of transactions, Heath sold a total of 3,000 shares, netting approximately $124,860. The stock has shown remarkable strength, delivering a 172% return over the past year, according to InvestingPro data. Current analysis suggests the stock is trading near its Fair Value, with a "FAIR" overall Financial Health Score of 2.2 out of 5.
The sales occurred on January 31, February 3, and February 4, with prices per share ranging from $41.04 to $42.33. Following these transactions, Heath retains ownership of 258,326 shares of Summit Midstream Corp. These sales were conducted under a qualified selling plan in compliance with Rule 10b5-1, which allows company insiders to sell a predetermined number of shares at a set time. For deeper insights into insider trading patterns and comprehensive analysis, access Summit Midstream’s detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, Summit Midstream Corp has been actively managing its financial portfolio. The company issued an additional $250 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029, raising the total aggregate principal amount of the notes to $825 million. These notes are secured by collateral pledged for the company’s asset-based revolving credit facility, with the proceeds aimed at repaying a portion of the outstanding borrowings under this facility.
In tandem, Summit Midstream completed a significant transaction involving an acquisition that enhances its financial structure. Following this acquisition, the company entered into a material definitive agreement, providing a guarantee for $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029.
Moreover, the company’s stockholders recently approved a significant stock issuance to Tall Oak Midstream Holdings, LLC. The approval allows for the issuance of 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 recent developments are part of Summit Midstream’s broader strategy to manage its debt portfolio and liquidity needs, and to bolster its financial architecture to support its growth trajectory in the energy sector.
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