Niska Gas Storage plans new $400 million revolving credit facility

By Sara Rosenberg

New York, Feb. 22 - Niska Gas Storage Partners LLC plans on getting a new $400 million revolving credit facility, according to an S-1 filed with the Securities and Exchange Commission on Monday.

Proceeds from the revolver will be used for general purposes, including working capital, economically hedged inventory purchases and capital expenditures.

The revolver is expected to close concurrently with the completion of an $800 million senior notes offering that will be used to repay existing bank debt.

In addition, the company plans on selling 17.5 million common units in an initial public offering that will be used to repay borrowings under the new revolver and for general corporate purposes.

Niska Gas Storage is a Gridley, Calif.-based owner and operator of natural gas storage assets.

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