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Crestwood Midstream enters into credit agreement for $1.25B revolver


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Crestwood Midstream enters into credit agreement for $1.25B revolver

Crestwood Midstream Partners LP entered into an amended credit agreement with a syndicate of lenders to establish a five-year $1.25 billion revolving credit facility, with proceeds set to be used for general corporate purposes.

The agreement also provides an accordion feature that provides for an increase of up to $350 million on available borrowings under the facility, subject to approval of the lenders. The credit facility also now includes a sublimit up to $25 million for same-day swing line advances, as well as a sub-limit of up to $350 million for letters of credit, according to an Oct. 18 SEC filing.

Wells Fargo Bank National Association acted as administrative agent and collateral agent. Citibank NA, Bank of America NA and JPMorgan Chase Bank NA acted as co-syndication agents. Wells Fargo Securities LLC, Citigroup Global Markets Inc., JPMorgan Chase Bank NA and Merrill Lynch Pierce Fenner & Smith Inc. acted as joint lead arrangers and joint bookrunners.

Houston-based Crestwood Midstream provides energy midstream services such as gathering, processing and storage of crude oil, natural gas and NGLs.