CorEnergy Infrastructure Trust announced the closing of a new $30 million revolver with Regions Bank. The four-year credit facility replaces the company’s existing $20 million revolving line of credit with KeyBank that was scheduled to mature in May 2016.

The facility was arranged by Regions Bank, acting as administrative agent and lender, and Regions Bank Capital Markets as lead arranger and sole bookrunner.

The facility has a maturity date of September 26, 2018. For the first six months, borrowings under the facility will bear interest on the outstanding principal amount at an initial rate of LIBOR plus 4.00%. After the first six months, a pricing grid will be used to determine the interest rate. Beginning March 26, 2015, the interest rate as determined by the pricing grid is expected to be LIBOR plus 3.25% – 4.00%. The applicable spread for each interest rate is based on the company’s total recourse leverage ratio.

“This credit line enhances CorEnergy’s financial flexibility on favorable rates and terms,” said David Schulte, CEO of CorEnergy. Management anticipates using the credit facility to fund property acquisitions, capital improvements or for other permitted corporate purposes. The Portland Terminal Facility is expected to qualify as eligible collateral under the facility.

CorEnergy primarily owns midstream and downstream U.S. energy infrastructure assets subject to long-term triple net participating leases with energy companies.