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Noble Midstream Services secures $400M term loan credit facility

Noble Midstream Partners LP subsidiary Noble Midstream Services LLC entered into a three-year, $400 million senior unsecured term loan credit facility that would mature three years after the Aug. 23 closing date.

Noble Midstream Services' borrowings would bear interest at a rate equal to either a base rate plus an applicable margin between 0.00% and 0.375% per year or a eurodollar rate plus an applicable margin between 0.875% and 1.375%, with the applicable margin based on the leverage ratio of the partnership, according to an Aug. 26 SEC filing.

The midstream service provider may use the proceeds from the term loan facility: to repay a portion of its outstanding debt under the revolving credit facility; pay fees and expenses in connection with the term credit agreement; and for working capital, capital expenditures, acquisitions and other partnership purposes.

The Bank of Montreal and PNC Bank National Association acted as the lenders and joint book runners, while the Bank of America NA and Export Development Canada acted as the lenders.