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CorEnergy ups revolver by $15 million, adds $48 million in term loans
By Wendy Van Sickle
Columbus, Ohio, July 8 – CorEnergy Infrastructure Trust, Inc. increased its revolving credit facility to $105 million on Wednesday and added $48 million in term loans under its credit agreement dated Sept. 26, 2014, according to an 8-K filed with the Securities and Exchange Commission.
The amended and restated agreement raised the revolver’s capacity by $15 million from its previous $90 million limit. A $45 million term loan available to the company on a parent-level was fully drawn upon closing to pay down its outstanding balance under the revolver. The revolver was recently used to fund the company’s Grand Isle Gathering System acquisition.
The company also picked up under the amendment a $3 million term loan that is available only to its subsidiaries.
Both the term loan and the revolver bear interest at a spread of Libor plus 275 basis points to Libor plus 375 bps, based on the company’s leverage ratio.
Regions Capital Markets and Merrill Lynch, Fenner, Pierce & Smith Inc. are the joint lead arrangers and joint bookrunning managers. Regions Bank is the administrative agent. The syndication agent is Bank of America, NA.
The credit facility matures on Dec. 15, 2019.
The company said it now has about $100 million available under its revolver, which will continue to be used for general working capital needs and, if necessary, for short-term financing to acquire additional real property assets.
CorEnergy is a Kansas City, Mo.-based company that owns midstream and downstream U.S. energy infrastructure assets subject to long-term triple net participating leases with energy companies.
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