HOUSTON—Deneke J. Heath, chairman, president and CEO of Summit Midstream Corp (NASDAQ:NYSE: ), recently sold $113,280 worth of common stock in a series of transactions. The sell-offs took place over three days, from January 3 to January 7, 2025. The sell-off occurred as SMC’s stock performed exceptionally well, with InvestingPro data shows a return of 112% over the past year, although the company currently trades close to 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. After these sales, Heath’s direct ownership of Summit Midstream stock is 253,006 shares.
These sales were conducted under a predetermined Rule 10b5-1 trading plan, which allows corporate insiders to set a predetermined schedule for selling shares to avoid potential conflicts of interest.
In other recent news, Summit Midstream Corporation announced several significant developments. The company disclosed plans to offer an additional $250 million in senior secured second lien notes due 2029, as part of a strategy to pay down a portion of the asset-based credit facility and cover general corporate expenses. This follows the company’s recent acquisition of Tall Oak Midstream Operating, LLC, further expanding their operating 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 also reported strong first-quarter results, with net income of $132.9 million and adjusted EBITDA of $70.1 million.
Summit Midstream Corp, along with several other subsidiaries, entered into a second supplemental agreement with Regions Bank, guaranteeing $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029. These recent developments underscore the company’s ongoing efforts to strengthen its financial structure and expand operations.
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