SemGroup amends loan, extending forbearance, downsizing revolver

By Sara Rosenberg

New York, Dec. 19 - SemGroup Energy Partners LP amended its credit facility, extending the forbearance period until March 18, 2009 and reducing the revolver to $220 million from $300 million, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The amendment also revised pricing to Libor plus 600 basis points with a 3% Libor floor.

In addition, the amendment prohibits the company from borrowing additional funds under the revolver during the forbearance period.

The amendment was completed on Dec. 18.

Lenders were paid an amendment fee of 37.5 bps.

Wachovia is the administrative agent on the deal.

SemGroup is a Tulsa, Okla., provider of midstream services to the energy industry.

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