American Midstream Partners, LP (NYSE: AMID) (“American
Midstream” or “Partnership”) announced today that it has amended
and upsized its secured revolving credit facility (the "Amended
Credit Facility") from $750 million to $900 million. The Amended
Credit Facility also provides an accordion feature allowing for an
additional $200 million of capacity, subject to customary terms and
conditions, resulting in a maximum borrowing capacity of $1.1
billion.
The Amended Credit Facility has a maturity date of September 5,
2019. Borrowings under the Amended Credit Facility bear interest on
the outstanding principal amount at a rate equal to LIBOR plus
2.00% - 3.25% for LIBOR-based loans and base rate plus 1.00% -
2.25% for base-rate loans.
Concurrent with upsizing the revolving credit facility, the
Partnership released it’s $300 million 8.50% senior unsecured notes
from escrow. Proceeds from the issuance were used to pay off JP
Energy Partners, LP revolving credit facility and paydown
outstanding borrowings on American Midstream’s revolving credit
facility. Though these transactions, American Midstream now has
over $275 million in available liquidity. On a Pro Forma basis, as
of December 31, 2016, the Partnership had a leverage ratio of
approximately 4.0 times.
Pro Forma Capitalization
(unaudited financials, $ in millions)
AMID JPEP
Pro Forma 12/31/16
12/31/16 Adj.
12/31/16 AMID Revolving Credit Facility $ 711 $ - $
(116 )
1
$ 595 JPEP Revolving Credit Facility - 178 (178 )
2
- Less: 3.77% Senior Secured Notes due 2031 60
- (60 )
3
- Total Compliance Secured Debt $ 771 $ 178 $
(354 ) $ 595
8.5 % Senior Notes due 2021 - - 300 300 Total
Compliance Debt - - - $ 895
Pro Forma Liquidity:
Revolver Capacity $ 900 Less: Credit Facility Drawn (595 ) Less:
Letters of Credit (27 ) Cash 6
Total Pro Forma
Liquidity $ 283 Notes:
1 Partial pay down of American
Midstream's credit facility 2 Full pay down of JP Energy credit
facility 3 3.77% notes are non-recourse to the Partnership and not
included in compliance calculations
The Amended Credit Facility was arranged by Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Wells Fargo Securities,
LLC who acted as Joint Lead Arrangers and Joint Book Mangers. Bank
of America, N.A. acted as Administrative Agent, Collateral Agent
and L/C Issuer. Wells Fargo Bank, National Association, acted as
Syndication Agent. Bank of Montreal, Capital One National
Association, CITIBANK, N.A., Suntrust Bank, Natixis, New York
Branch, ABN AMRO Capital USA LLC, Barclays Bank PLC, Royal Bank of
Canada, Santander Bank, N.A. and BNP Paribas acted as
Co-Documentation Agents.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited
partnership formed to provide critical midstream infrastructure
that links producers of natural gas, crude oil, NGLs, condensate
and specialty chemicals to end-use markets. American Midstream’s
assets are strategically located in some of the most prolific
onshore and offshore basins in the Permian, Eagle Ford, East Texas,
Bakken and Gulf Coast. American Midstream owns or has an ownership
interest in approximately 4,000 miles of interstate and intrastate
pipelines, as well as ownership in gas processing plants,
fractionation facilities, an offshore semisubmersible floating
production system with nameplate processing capacity of 80 MBbl/d
of crude oil and 400 MMcf/d of natural gas; and terminal sites with
approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP,
visit www.americanmidstream.com.
Forward Looking Statements
This press release includes forward-looking statements. These
statements relate to, among other things, projections of
operational volumetrics and improvements, growth projects, cash
flows and capital expenditures. We have used the words
"anticipate,” "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "predict," "project," "should," "will," "potential,"
and similar terms and phrases to identify forward-looking
statements in this press release. Although we believe the
assumptions upon which these forward-looking statements are based
are reasonable, any of these assumptions could prove to be
inaccurate and the forward-looking statements based on these
assumptions could be incorrect.
Actual results and trends in the future may differ materially
from those suggested or implied by the forward-looking statements
depending on a variety of factors, which are described in greater
detail in our filings with the SEC. Please see “Risk Factors” and
other disclosures included in our Annual Report on Form 10-K for
the year ended December 31, 2015 filed on March 7, 2016, our Form
10-Q for the quarter ended September 30, 2016, filed on November
08, 2016, and our other filings with the SEC. All future written
and oral forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the previous statements. The forward-looking statements herein
speak as of the date of this press release. We undertake no
obligation to update any information contained herein or to
publicly release the results of any revisions to any
forward-looking statements that may be made to reflect events or
circumstances that occur, or that we become aware of, after the
date of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170320006017/en/
Investor ContactAmerican Midstream Partners, LPMark
Buscovich, 713-815-3967Manager of
Financembuscovich@americanmidstream.com
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