Copano gets $520 million credit facility

By Sara Rosenberg

New York, Aug. 3 - Copano Energy LLC closed on a new $520 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Bank of America was the lead bank on the deal.

The facility, which closed Monday, contains a $350 million senior secured revolver due July 31, 2010 with an interest rate that can range from Libor plus 175 to 275 basis points and a $170 million senior unsecured term loan due Aug. 1, 2006 with an interest rate of Libor plus 500 bps and a 3.5% Libor floor. Pricing on the term loan will increase by 50 bps per quarter with a cap of 11%.

Proceeds were used to fund the acquisition of ScissorTail Energy LLC for $495 million in cash and to refinance debt.

Copano is a Houston-based provider of midstream natural gas services.

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