Solaris Midstream enters $350 million four-year revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – Aris Water Solutions, Inc. subsidiary Solaris Midstream Holdings, LLC entered into an amended and restated credit agreement with Wells Fargo Bank, NA on Thursday providing for a $350 million four-year secured revolver, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

There is a $150 million accordion feature.

Borrowings bear interest at SOFR plus a margin ranging from 275 basis points to 375 bps, depending on Solaris’ total leverage ratio.

The credit agreement amends and restates the company’s existing credit agreement dated April 1, 2021.

Proceeds will be used for general corporate purposes.

Solaris must maintain a total net leverage ratio not greater than 4.5x, a senior net leverage ratio not greater than 2.5x and an interest coverage ratio not less than 2.5x.

Wells Fargo Securities, LLC, J.P. Morgan Securities, LLC, Canadian Imperial Bank of Commerce, New York Branch, Citibank, NA, Citizens Bank, NA and Sumitomo Mitsui Banking Corp. are the joint lead arrangers and bookrunners.

Solaris is a Houston-based company that owns, operates and designs midstream assets across U.S. basins.

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