Daily News: July 24, 2017

BOK, Cadence Bank Lead $150MM Brazos Midstream Upsize

Brazos Midstream Holdings, through its subsidiary, Brazos Delaware, completed an expansion of its senior credit facility to $150 million in commitments from a syndicate of banks.

The facility has an accordion feature which can expand total commitments to $200 million. These funds support the ongoing expansion of Brazos’ crude gathering and natural gas gathering and processing systems in the Southern Delaware Basin.

BOK Financial and Cadence Bank served as joint lead arrangers of the facility which was syndicated to a total of nine banks. Other participants include ABN Amro, Amegy Bank, BBVA Compass, Iberia Bank, JP Morgan, Wells Fargo and West Texas National Bank.

Harris Finley Bogle provided legal counsel to Brazos and Thompson & Knight served as counsel to the lender group.

“Since inception, Brazos has been very intentional in our partnerships and we greatly appreciate the support from this group of hand-picked lenders,” said Brazos CFO William Butler. “This expanded credit facility, combined with our rapidly growing cash flow and equity capital available from Old Ironsides Energy, provides Brazos with ample liquidity to continue to prudently grow and execute future projects. We have an aggressive construction program underway which will further support our goal to be the best midstream partner to our producer customers.”

Brazos Midstream Holdings is an independent midstream energy company headquartered in Fort Worth, TX.