CNX Midstream Partners LP secured a new $600 million revolving credit facility that comes with an accordion feature that would allow the partnership to expand its borrowing capacity to $850 million.
The senior secured revolver will mature March 8, 2023. At the partnership's option, borrowings under the facility would bear interest either at the base rate plus a margin of 0.75% to 1.75% or the London Interbank Offered Rate plus a margin of 1.75% to 2.75%, according to a March 8 news release.
PNC Capital Markets LLC, JPMorgan Chase Bank NA, Credit Suisse Securities (USA) LLC and MUFG Union Bank NA acted as joint lead arrangers and joint book runners for the new credit facility, while PNC Bank NA will serve as administrative agent and collateral agent. JPMorgan Chase Bank NA will serve as syndication agent.
CNX Midstream Partners is a master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin in Pennsylvania and West Virginia.
