Kinder Morgan restates credit agreement for $2.7 billion revolver

By Marisa Wong

Madison, Wis., May 1 - Kinder Morgan Energy Partners, LP entered into an amended and restated credit agreement providing for a $2.7 billion unsecured revolving credit facility due May 1, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The revolving credit facility replaces Kinder Morgan's $2.2 billion unsecured revolving credit facility set to mature on July 1, 2016.

Interest is equal to Libor plus 100 basis points to 145 bps. The margin is based on the partnership's senior debt credit rating.

The financial covenants under the restated credit facility are unchanged from those under the previous credit facility.

The revolver can be used to backstop commercial paper issuances and for general partnership purposes.

The amended and restated credit agreement was completed on May 1 with Wells Fargo Bank, NA as administrative agent; Bank of America, NA, Barclays Bank plc, Citibank, NA, DNB Bank ASA and JPMorgan Chase Bank, NA as syndication agents; and Wells Fargo Securities, LLC, Barclays Bank, Citigroup Global Markets, Inc., DNB Markets, Inc., J.P. Morgan Securities LLC and Bank of America Merrill Lynch as joint lead arrangers and joint bookrunners.

Kinder Morgan is a Houston-based pipeline operator.

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