v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt for the Company as of June 30, 2025 and December 31, 2024, follows:
June 30, 2025December 31, 2024
(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029
$140,000 $305,000 
Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028
121,216 129,321 
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029
825,000 575,000 
Less: unamortized debt discount, premium and debt issuance costs (10,787)(15,746)
Total debt, net of unamortized debt discount, premium and debt issuance costs1,075,429 993,575 
Less: current portion of Permian Transmission Term Loan(16,766)(16,580)
Total long-term debt$1,058,663 $976,995 
Schedule of Maturities of Long-term Debt Below is a summary of the remaining mandatory principal repayments as of June 30, 2025:
(In thousands)Total20252026202720282029
Amortizing principal repayments$121,216 $8,475 $16,967 $17,769 $78,005 $— 
Schedule of Redemption Price Thereafter, Summit Holdings may redeem all or a portion of the 2029 Secured Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the periods indicated below:
PeriodRedemption Price
July 31, 2026 to July 30, 2027
104.313 %
July 31, 2027 to July 30, 2028
102.156 %
July 31, 2028 and thereafter
100.000 %