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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
PNC Bank Provides $150MM Accounts Receivable Facility to Kinetik Holdings
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Lenders/Participants
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PNC Bank [Lender]
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Structure
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Accounts Receivage Securitization Facility
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Amount
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$150.000
Million
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Borrower(s)
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Kinetik Holdings Inc.
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Description
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A $150 million accounts receivable securitization facility (“A/R Facility”) which matures April 2025 with an ongoing renewal mechanism. The initial borrowing base of $150 million will vary with the value of the Company's accounts receivable balance. Borrowings under the A/R Facility bear interest at the one-month term SOFR rate plus 90 basis points. Kinetik intends to use the net proceeds from the A/R Facility to repay a portion of the outstanding borrowings under its existing Term Loan Credit Facility (“Term Loan”), lowering the remaining balance to $1.0 billion. As a result, the maturity of the Term Loan will extend to December 8, 2026.
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Industry
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Energy Services
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Location
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TX
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| Related Tags |
PNC Bank
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ABL Advisor
Deal Tables
2025
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