Crestwood Midstream amends and restates $1.5 billion five-year revolver

Chicago, Dec. 21 – Crestwood Midstream Partners LP amended and restated its $1.5 billion five-year revolving credit facility on Dec. 20 with Wells Fargo Bank, NA as administrative agent and collateral agent, according to an 8-K filed with the Securities and Exchange Commission.

There is an automatic upsizing feature that brings the facility up to $1.5 billion from $1.25 billion when the agreement and plan of merger closes with Oasis Midstream Partners, LP, OMP GP LLC, Crestwood Equity Partners LP, Project Falcon Merger Sub LLC, Project Phantom Merger Sub LLC and Crestwood Equity GP LLC.

There is an accordion feature for up to $350 million. The revolver has a sub-limit for $25 million same-day swingline advances and a sub-limit of up to $350 million for letters of credit.

Based on Crestwood’s most recent consolidated total leverage ratio, interest will be between SOFR plus CSA plus 150 basis points to 250 bps.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The unused facility fee is between 30 bps to 50 bps, also based on the consolidated leverage ratio.

Proceeds may be used for general corporate purposes.

Capital One, NA, Citizens Bank, NA, Morgan Stanley Senior Funding, Inc., MUFG Bank Ltd. and Regions Bank are the co-documentation agents.

Wells Fargo Securities, LLC, Bank of America, NA, Citibank, NA, JPMorgan Chase Bank, NA, Royal Bank of Canada and Truist Securities, Inc. are the joint lead arrangers and joint bookrunners.

Crestwood is a Houston-based owner and operator of crude oil, natural gas and NGL midstream assets.

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