Crescent Midstream Intermediate, on Feb. 18, 2026, raised $600 million of senior secured credit facilities, comprising a $500 million 7-year term loan B and $100 million five-year revolving credit facility. In connection with the transaction, the credit facilities were assigned an issue rating of B+ by Standard & Poor’s and B1 by Moody’s. Proceeds were used to refinance Crescent Midstream’s existing debt.
“The outcome of our debt capital raise exemplifies the business we have built over the past decade,” Jerry Ashcroft, CEO of Crescent Midstream, said. “The new facilities extend Crescent’s debt maturities, strengthen our credit profile and provide access to fund growth capital in the institutional and bank markets as we execute on our backlog of accretive growth projects. We look forward to the next chapter of Crescent Midstream generating significant free cash flow while growing strategically and providing dividends to our equity holders.”
Royal Bank of Canada, JPMorgan Chase Bank, Sumitomo Mitsui Banking, Mizuho Bank and The Bank of Nova Scotia served as joint lead arrangers and joint bookrunners for the financing. Royal Bank of Canada acted as administrative agent.
Allen Overy Shearman Sterling U.S. acted as legal counsel to Crescent Midstream.
