Sanchez Midstream Partners Announces Borrowing Base Increase
December 14 2017 - 5:00PM
Sanchez Midstream Partners LP (NYSE American:SNMP) (“SNMP” or the
“Partnership”) today announced that its lenders have completed a
regularly-scheduled redetermination of the borrowing base under the
Partnership’s credit agreement. The redetermination resulted
in a borrowing base of $249.3 million, a 16 percent increase from
the Partnership’s previous borrowing base of $215.6 million. The
midstream portion of the borrowing base was set at $211.3 million,
higher than the credit agreement’s commitment amount which remains
unchanged at $200 million.
MANAGEMENT COMMENTARY“The
borrowing base increase announced today demonstrates the positive
financial impact our midstream projects have on the business,” said
Gerry Willinger, Chief Executive Officer of the general partner of
SNMP. “With the recent operational additions of our wholly
owned SECO Pipeline and the Raptor Gas Processing Facility, a 50
percent joint venture with Targa Resources Corp. that was recently
upsized to processing capacity of 260 million cubic feet per day,
the midstream component of our borrowing base increased
significantly and is now above the commitment amount of $200
million under the credit agreement. We appreciate the support
our lenders have shown during this redetermination cycle, and look
forward to working with them as we continue to execute our business
plan.”
About the PartnershipSanchez
Midstream Partners LP (NYSE American:SNMP) is a growth-oriented
publicly-traded limited partnership focused on the acquisition,
development, ownership and operation of midstream assets in North
America. The Partnership has ownership stakes in oil and
natural gas gathering systems, natural gas pipelines, and a natural
gas processing facility, all located in the Western Eagle Ford in
South Texas.
Additional
InformationAdditional information about SNMP can be found
in the Partnership’s documents on file with the U.S. Securities and
Exchange Commission (www.sec.gov) and in the “Investor
Presentation” available on the Partnership’s website
(www.sanchezmidstream.com).
PARTNERSHIP CONTACTKevin
SmithVP of Investor Relations(281) 925-4828General
Inquiries: (877)
847-0008www.sanchezmidstream.com
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