CorEnergy to expand credit facility with Grand Isle purchase

By Sara Rosenberg

New York, June 22 – CorEnergy Infrastructure Trust Inc. plans to expand its existing senior credit facilities to help fund its acquisition of the Grand Isle Gathering System from Energy XXI USA Inc. for $245 million, according to a news release.

Other funds for the transaction will come from a follow-on common stock offering of 11.25 million shares, a new issue of convertible debt totaling $75 million and cash on hand.

Closing is expected in late June.

CorEnergy is a Kansas City, Mo.-based real estate investment trust that owns essential midstream and downstream energy assets. Grand Isle Gathering System is a subsea, midstream pipeline system with related onshore facilities serving oil-producing fields in the shallow portion of the Gulf of Mexico.

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