Quicksilver gets $400 million five-year revolver for sale to Crestwood

By Susanna Moon

Chicago, Oct. 1 - Quicksilver Gas Services LP said it arranged for a $400 million five-year revolving credit facility in connection with the sale of Quicksilver Resources Inc.'s ownership interests in the company.

BNP Paribas Securities Corp, Banc of America Securities LLC and RBC Capital Markets are the joint lead arrangers and joint bookrunners. BNP Paribas is the administrative agent, and Bank of America, NA, and RBC Capital Markets are the syndication agents.

The company said on July 22 that it planned to repay all of the roughly $528 million in outstanding borrowings under its $1 billion senior secured credit facility using proceeds from the sale of Quicksilver Gas Services.

Quicksilver Gas Services is being acquired by Crestwood Midstream Partners II LLC for $701 million in cash at closing plus up to $72 million in additional earn-out payments.

The deal is expected to close in October.

Quicksilver Resources is a Houston-based natural gas and crude oil exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.