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Wells Fargo Agents Credit Facility Amendment, Extension for Canes Midstream

March 30, 2023, 07:44 AM
Filed Under: Energy
Related: Wells Fargo Bank

Canes Midstream, a Dallas-based midstream company, entered into an amendment to its credit facility, converting the existing two-part facility, revolver and term loan, into a single revolver, increasing its size to $415 million, and extending its maturity by one year to February 2027. Wells Fargo acted as administrative agent on the transaction.

Dan Westcott, Chief Financial Officer at Canes commented, “We are grateful for the entire bank group for their continued support of Canes. This new facility further enhances our liquidity and will support our ongoing organic growth opportunities within the Midland Basin. We look forward to continuing to provide best in class service to our producers and expanding our asset footprint to meet their needs.”

Canes operates strategic midstream assets located in the Southern Midland Basin, including 520 million cubic feet per day of processing capacity, more than 800 miles of pipelines, 42 compressor stations, a crude oil gathering system, and substantial acreage dedications from a diverse group of Midland Basin-focused producers.

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