Kinetik refinances with new $3.25 billion credit facility

By William Gullotti

Buffalo, N.Y., June 8 – Kinetik Holdings Inc. announced it completed its comprehensive refinancing by entering a new $3.25 billion credit facility, according to a press release on Wednesday.

The facility is composed of a five-year $1.25 billion unsecured revolver and a three-year $2 billion unsecured term loan A facility.

The revolver was fully undrawn at close.

Along with proceeds of the previously reported offering of $1 billion 5 7/8% sustainability-linked senior notes due 2030 by subsidiary Kinetik Holdings LP, Kinetik used the proceeds to repay and retire all existing consolidated debt facilities and will subsequently redeem its series A preferreds in full by the end of 2022.

According to the release, Kinetik now has a fully unsecured capital structure.

Kinetik is midstream provider of gathering, transportation, compression, processing and treating services for producers of natural gas, natural gas liquids, crude oil and water.

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