Skip to main content

American Midstream increases credit facility to support growth

Published by
Oilfield Technology,


American Midstream Partners, LP has announced the execution of an amended and restated credit facility to increase the borrowing capacity to US$ 500 million, with the option to further increase the borrowing capacity to US$ 700 million, and to extend the maturity to September 2019.

“We are pleased to increase the borrowing capacity of our revolving credit facility to support our growth objectives”.

The syndicate of fourteen banks is led by Bank of America, N.A., as Administrative Agent, Collateral Agent, L/C Issuer and Lender. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as Joint Lead Arrangers and Joint Book Managers.

Other agents participating in the credit facility are Wells Fargo Bank, National Association, as Syndication Agent and Lender; Compass Bank; Capital One, National Association; Citibank, N.A.; Comerica Bank and SunTrust Bank as Co-Documentation Agents and Lenders. Additional Lenders include Barclays Bank PLC; Cadence Bank, N.A.; Deutsche Bank AG - New York Branch; ABN AMRO Capital USA LLC; Royal Bank of Canada; Santander Bank, N.A. and UBS AG Stamford Branch.

The Partnership expects to use the credit facility to fund growth and for other partnership purposes.

Denver-based American Midstream Partners is a growth-oriented limitedpartnership formed to own, operate, develop and acquire a diversifiedportfolio of midstream energy assets. 

“We are pleased to increase the borrowing capacity of our revolving credit facility to support our growth objectives,” said Steve Bergstrom, Executive Chairman, President and CEO.

“We appreciate the support of existing and new lenders, and the additional financial flexibility will support our near- and long-term growth projects, including the current expansion of the Lavaca System in the Eagle Ford and the build-out of the Harvey terminal.

“The upsized revolving credit facility also provides additional liquidity to pursue third-party and drop-down acquisition opportunities, including the previously announced potential acquisition of the Gonzales County full-well-stream gathering system and a 50% interest in Republic Midstream, both in the prolific Eagle Ford Shale. Looking forward, we remain focused on executing our growth strategy and delivering long-term, sustainable distribution growth.”


Edited from source by Elizabeth Corner

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/10092014/american-midstream-increases-credit-facility-to-support-growth/

 

Embed article link: (copy the HTML code below):