Dominion Energy Midstream Partners LP entered into a $500 million revolving credit agreement with a syndicate of banks, according to a Form 8-K filed March 26.
The revolver is expected to mature in March 2021 and will bear interest at a variable rate. The partnership can use the funds to support bank borrowings, issue commercial paper and support up to $250 million of letters of credit.
The facility requires the partnership to pay yearly fees for access and contains various conditions that could keep Dominion Energy from borrowing under the revolver. Should the partnership fail to meet its payment obligations in excess of $100 million, the lenders could require the partnership to repay any outstanding borrowings under the revolver and terminate their commitment to lend funds to the partnership.
JPMorgan Chase Bank NA acted as administrative agent while Mizuho Bank Ltd., Bank of America NA, The Bank of Nova Scotia and Wells Fargo Bank NA acted as syndication agents.