EPIC Crude completed the issuance of a new $1,200 million senior secured term loan B due 2031. The company used the net proceeds from the term loan to repay its existing $1,125 million term loan B and term loan C due 2026 and repay its existing $40 million senior secured revolver due 2026. As part of the transaction, the company entered into a new agreement for a super-priority revolving credit facility of $125 million due 2029, undrawn at close. With the refinancing, EPIC Crude expects to save more than $25 million in interest expense on an annual basis.
“EPIC Crude has continued to transform its business on the heels of the recent transaction with our Partners, Diamondback Energy, Inc. (NASDAQ: FANG) and Kinetik Holdings Inc (NYSE: KNTK),” Brian Freed, CEO of EPIC, said. “This refinancing continues to build upon our success by providing additional financial strength and affirms the market support for our team, our strategy and our execution. We have created a strategic crude position focused on the Permian and Corpus Christi markets with extensive downstream and export optionality. We could not be positioned any better with our focus now turning toward our potential expansion project.”
