USA Compression Partners entered into a seventh amended and restated credit agreement, extending the maturity of its senior secured credit facility until December 2026. The credit facility is led by J.P. Morgan and includes 17 additional financial institutions with a combined commitment of $1.6 billion.
“This is the latest extension of our credit facility, which dates back over 15 years, with many of the same banks and financial institutions having participated continually at increasing levels of commitments since the inception,” Eric Long, president and CEO of USA Compression, said. “The partnership decided to take advantage of a strong lending environment and opportunistically reset the tenor for another five years prior to the existing credit facility going current early next year. The new credit facility provides the partnership with additional flexibility at lower interest margin spreads consistent with the overall compression financing market and other industry peers. Given our current drawn balance of approximately $514 million, this new credit facility provides the partnership ample capacity with which to grow and manage the business in the coming years to the benefit of all our stakeholders. We are very grateful for the long-term support of USA Compression by the entire bank group and their continued votes of confidence in USA Compression’s stable, large horsepower, infrastructure-focused business model.”
USA Compression Partners is a Delaware limited partnership and an independent provider of natural gas compression services.