Daily News: September 9, 2014

BofA Leads American Midstream Revolver Increase

The syndicate of 14 banks is led by Bank of America, as administrative agent, collateral agent, issuer and lender. Merrill Lynch and Wells Fargo Securities acted as joint lead arrangers and joint book managers.

Other agents participating in the credit facility are Wells Fargo Bank, as syndication agent and lender; Compass Bank, Capital One, Citibank, Comerica Bank and SunTrust Bank as co-documentation agents and lenders. Additional lenders include Barclays Bank, Cadence Bank, Deutsche Bank AG – New York Branch, ABN AMRO Capital USA, Royal Bank of Canada, Santander Bank and UBS AG Stamford Branch.

The partnership expects to use the facility to fund growth and for other partnership purposes.

“We are pleased to increase the borrowing capacity of our revolving credit facility to support our growth objectives,” said Steve Bergstrom, executive chairman, president and CEO. “We appreciate the support of existing and new lenders, and the additional financial flexibility will support our near- and long-term growth projects, including the current expansion of the Lavaca System in the Eagle Ford and the build-out of the Harvey terminal. The upsized revolving credit facility also provides additional liquidity to pursue third-party and drop-down acquisition opportunities, including the previously announced potential acquisition of the Gonzales County full-well-stream gathering system and a 50 percent interest in Republic Midstream, both in the prolific Eagle Ford Shale. Looking forward, we remain focused on executing our growth strategy and delivering long-term, sustainable distribution growth.”

Denver-based American Midstream Partners is a growth-oriented limited partnership formed to own, operate, develop and acquire a diversified portfolio of midstream energy assets.