Kinetik gets lender OK to extend term loan maturity upon paydown

By Sara Rosenberg

New York, Dec. 4 – Kinetik Holdings LP has obtained lender approval to amend its term loan to extend the maturity to June 8, 2026, according to a market source.

The amendment will be effective upon the repayment of a minimum of $500 million of the term loan.

In addition, the amendment provides that the term loan will be automatically further extended to Dec. 8, 2026 when no more than $1 billion is outstanding under the term loan.

The company plans to use proceeds from a $500 million senior sustainability-linked notes offering, borrowings under its revolving credit facility and cash on hand to repay a portion of the term loan.

PNC Bank is the administrative agent on the term loan.

Kinetik is a Midland, Tex.-based midstream energy company in the Permian Basin that provides comprehensive gathering, transportation, compression, processing, and treating services.

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