Eureka Midstream Secures $400 Million Senior Credit Facility
HOUSTON, Sept. 6, 2017 /PRNewswire/ -- Eureka Midstream, LLC, (the "Company") announced today that it has closed on a $400 million Senior Secured Revolving Credit Facility (the "Credit Facility").
Credit Facility Highlights
Amends and restates Eureka's existing credit facility and provides the Company with increased financial flexibility by increasing the aggregate Credit Facility commitments from $225 million to $400 million.
Extends the maturity to 4-years from the Credit Facility closing date.
Provides the Company a $100 million Accordion whereby under certain terms and conditions the Company can increase the aggregate Credit Facility commitments to $500 million.
Use of proceeds from the Credit Facility will be used for funding capital expenditures, financing permitted acquisitions, funding working capital, and general corporate purposes.
The Credit Facility contains other terms and conditions customary of financings of this type.
ABN AMRO Capital USA LLC serves as the "Administrative Agent" and "Sole Lead Arranger" under the Credit Facility, with BBVA Compass, CIT Bank, N.A., and U.S. Bank, National Association, serving as "Co-Documentation Agents," Citibank, N.A., Iberiabank, and Regions Bank serving as "Senior Managing Agents." Additional participating banks include BNP Paribas, Cadence Bank, N.A., Citizens Bank, N.A., East West Bank, Branch Banking and Trust Company, The Huntington National Bank, and ZB, N.A. DBA Amegy Bank.
Gabe Scott, Chief Financial Officer of the Company, commented, "Eureka's amended and restated Credit Facility strengthens our Company's financial flexibility and commitment toward prudent growth. In particular, the improved Credit Facility further enables us to deliver long-term value for our shareholders, implement the strategies required to effectively drive throughput volumes through the Eureka system and maintain our position as one of the industry's safest and most efficient midstream operators in the Marcellus and Utica shales. I'd like to thank our bank group for their trust and support in the Eureka model."
Simpson Thatcher & Bartlett LLP served as legal advisors to Eureka Midstream. Thompson & Knight LLP served as legal advisors to ABN AMRO Capital USA LLC.
About Eureka Midstream Corporation
Eureka Midstream, LLC, based in Houston, Texas is a strategic midstream company focused in the Appalachian Basin. The Company is currently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio. With approximately 200 miles of gathering systems, the advanced pipeline network is capable of transporting lean or rich natural gas.
The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Compass Minerals International, Inc. ("Compass Minerals" or "the Company") for violations of §§10(b) and 20(a) of the Securities...
Michael Baker International, a global leader in engineering, planning and consulting services, today announced that Lisa Carbonara has joined the firm as Vice President, Talent Acquisition. In this role, Ms. Carbonara will lead the recruitment and...
United Imaging Healthcare (SSE:688271), a global leader in manufacturing advanced medical imaging and radiotherapy equipment, has released their 2023 annual report. The report reveals that the company achieved 11.41 billion CNY in revenue in 2023,...
The Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault, will speak about Canada's housing crisis.
The Minister will be available to take questions from media following his remarks.
Please note that all details...
Sustain Exchange LLC is proud to announce a partnership with HearMe, a leading behavioral health peer support platform focused on ensuring healthy lives and promoting well-being. As part of this innovative partnership, SustainAble Exchange will...