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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
ING, Mizuho, MUFG Provide $175MM Credit Facilities to Summit Permian Transmission
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Lenders/Participants
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ING Capital [Lender]
Mizuho Bank [Lender]
MUFG Union Bank, N.A [Lender]
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Structure
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$160MM Term Loan; $15MM Working Capital Facility
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Amount
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$175.000
Million
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Borrower(s)
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Summit Permian Transmission, LLC
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Description
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The Credit Agreement provides Permian Transmission with $175.0 million of senior secured credit facilities (the "Credit Facilities"), including a $160.0 million Term Loan Facility (the “Term Loan Facility”) and a $15.0 million Working Capital Facility (the “Working Capital Facility”). The Credit Facilities can be used to finance Permian Transmission’s capital calls associated with its investment in Double E, debt service and other general corporate purposes. The Credit Facilities mature on the earlier of (i) the sixth anniversary of the term conversion date and (ii) seven years after the initial funding date, which occurred on the Closing Date. The term conversion date will occur upon satisfaction of customary conditions, including bringing the Double E project into service under its transportation agreements. During construction of the Double E project, the Credit Facilities will be drawn on an as-needed basis, so long as there are no defaults, events of default, no event that has had a material adverse effect on Permian Transmission or Double E and certification is provided that Permian Transmission has sufficient funds to satisfy the capital call requirements necessary to complete the Double E project and that the Double E project is on schedule. Permian Transmission is required to fund a minimum equity contribution amount of approximately $145.0 million, which was supported at closing with Permian Transmission’s existing investment in Double E and a $16.0 million letter of credit issued under SMLP’s existing revolving credit facility.
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Industry
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Energy
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| Related Tags |
ING Capital, Mizuho Bank, MUFG Union Bank
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ABL Advisor
Deal Tables
2025
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