CorEnergy to repay revolver borrowings via preferred stock proceeds

By Marisa Wong

Morgantown, W.Va., April 11 – CorEnergy Infrastructure Trust, Inc. intends to repay debt under its credit facility with Regions Bank using proceeds from an offering of redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Borrowings outstanding under the revolving portion of the credit facility were $44 million as of March 31, and they accrue interest at a rate of 3.99%.

The credit facility matures on Dec. 15, 2019.

Funds from the preferred stock sale will also be used for general corporate purposes.

CorEnergy is a Kansas City, Mo.-based company that primarily owns midstream and downstream U.S. energy infrastructure assets subject to long-term triple net participating leases with energy companies.

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