CNX Midstream Partners closed a new senior secured revolving credit facility, replacing the company’s prior facility and expanding the borrowing capacity from $250 million to $600 million.
The new facility also includes an accordion feature allowing the company to further expand its borrowing capacity to $850 million and a maturity date of March 8, 2023. Outstanding borrowings under the facility bear interest, at CNX Midstream’s option, at either the base rate plus a margin ranging from 0.75% to 1.75% or LIBOR plus a margin ranging from 1.75% to 2.75%.
PNC Bank served as administrative and collateral agent on the transaction. PNC Capital Markets, JPMorgan Chase Bank, Credit Suisse Securities and MUFG Union Bank acted as the joint lead arrangers and joint book runners, while JPMorgan Chase Bank served as syndication agent.
CNX Midstream Partners is a master limited partnership that owns, operates, develops and acquires gathering and other midstream energy assets to service natural gas production in the Appalachian Basin in Pennsylvania and West Virginia.