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SemGroup proposed credit facility to be sized at $250 million
By Sara Rosenberg
New York, May 4 - SemGroup Energy Partners LP's proposed five-year credit facility will be sized at $250 million, according to an S-1/A filed with the Securities and Exchange Commission Friday.
Pricing on the deal is expected to range from Libor plus 125 to 225 basis points, depending on the company's total leverage ratio.
The deal is being obtained linked to the company's initial public offering of 12.5 million common units.
Proceeds form the facility will be available for general partnership purposes, including working capital, capital expenditures, distributions and repayment of indebtedness that is assumed in connection with acquisitions.
The company plans to borrow $137.5 million under the credit facility prior to the closing of the common units offering and distribute the proceeds to SemGroup Holdings.
SemGroup is a Tulsa, Okla., provider of crude oil gathering, transportation, terminalling and storage services.
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