PR Newswire·Mar 31, 2026, 5:00 PM ET

Summit Midstream Corporation Announces $42 Million Equity Issuance to Affiliate of Tailwater Capital

Summit Midstream Corporation (NYSE: SMC) & its subsidiary entered a securities purchase agreement with an affiliate of Tailwater Capital LLC for a private placement of 1,351,351 common shares.
The shares were issued at $31.08 per share, representing the closing price on March 30, 2026, to raise $42.0 million.
Proceeds from the transaction will be used to reduce borrowings under the asset-based lending credit facility & fund organic growth capital projects.
The issuance includes a 6-month lock-up period & was unanimously approved by the independent Audit Committee of the Board of Directors.
Following the transaction, Tailwater Capital & affiliated entities are expected to beneficially own approximately 39% of Summit's outstanding equity.
The transaction strengthens Summit's balance sheet & provides financial flexibility to execute high-return growth projects while targeting a 3.5x leverage ratio.
Summit is represented by Troutman Pepper LLP, while Tailwater & Tall Oak Midstream Holdings are represented by Kirkland & Ellis LLP.
The securities were sold to an accredited investor pursuant to an exemption from registration under the Securities Act of 1933.