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DCP Midstream amends revolver for $1.8 billion borrowing capacity
By Marisa Wong
Madison, Wis., March 26 – DCP Midstream, LLC, the owner of DCP Midstream Partners, LP’s general partner, entered into a first amendment to its May 2014 amended and restated credit agreement on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The amended credit facility provides total revolver borrowing capacity of $1.8 billion and matures in March 2017.
The amendment adds a calculation of consolidated secured leverage ratio of not more than 3.25 to 1.00 and temporarily suspends until Dec. 31, 2015 the calculation of the consolidated leverage ratio financial covenant of not more than 5.00 to 1.00.
Borrowings under the amended facility bear interest at Libor plus an applicable margin of 250 basis points. There is also a facility fee of 0.5% on drawn and undrawn portions of the facility.
DCP Midstream is a Denver-based joint venture between Spectra Energy and ConocoPhillips.
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