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BofA Agents $150MM Expansion of American Midstream Partners Revolver

March 21, 2017, 07:50 AM
Filed Under: Energy

American Midstream Partners, LP announced that it has amended and upsized its secured revolving credit facility from $750 million to $900 million. The Amended Credit Facility also provides an accordion feature allowing for an additional $200 million of capacity, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.1 billion.

The Amended Credit Facility has a maturity date of September 5, 2019. Borrowings under the Amended Credit Facility bear interest on the outstanding principal amount at a rate equal to LIBOR plus 2.00% - 3.25% for LIBOR-based loans and base rate plus 1.00% - 2.25% for base-rate loans.

Concurrent with upsizing the revolving credit facility, the Partnership released it’s $300 million 8.50% senior unsecured notes from escrow. Proceeds from the issuance were used to pay off JP Energy Partners, LP revolving credit facility and paydown outstanding borrowings on American Midstream’s revolving credit facility. Though these transactions, American Midstream now has over $275 million in available liquidity. On a Pro Forma basis, as of December 31, 2016, the Partnership had a leverage ratio of approximately 4.0 times.

The Amended Credit Facility was arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC who acted as Joint Lead Arrangers and Joint Book Mangers. Bank of America, N.A. acted as Administrative Agent, Collateral Agent and L/C Issuer. Wells Fargo Bank, National Association, acted as Syndication Agent. Bank of Montreal, Capital One National Association, CITIBANK, N.A., Suntrust Bank, Natixis, New York Branch, ABN AMRO Capital USA LLC, Barclays Bank PLC, Royal Bank of Canada, Santander Bank, N.A. and BNP Paribas acted as Co-Documentation Agents.

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