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Regency Energy Partners amends revolver, extending maturity to 2014
By Sara Rosenberg
New York, March 4 - Regency Energy Partners LP amended its $900 million revolving credit facility on Thursday, extending the maturity to June 15, 2014 from Aug. 15, 2011, according to an 8-K filed with the Securities and Exchange Commission.
However, if the company's 8.375% senior notes due Dec. 15, 2013 have not been refinanced or paid off by June 15, 2013, then the credit facility will mature on June 15, 2013.
The pricing grid was left unchanged. Pricing can range from Libor plus 250 basis points to 325 bps and the commitment fee can range from 37.5 bps to 50 bps, based on leverage.
In addition, the amendment increased allowed investments in the RIGS Holdings joint venture to $250 million from $135 million, and added a $75 million allowance for joint venture investments.
Also, permitted annual general asset sales were changed to 5% of consolidated net tangible assets annually from $20 million.
Wachovia is the administrative agent on the deal.
Regency is a Dallas-based midstream energy partnership.
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