Canes Midstream, a Dallas-based midstream company, entered into an amendment to its credit facility, converting the existing two-part facility made up of a revolver and term loan into a single revolver while increasing its size to $415 million and extending its maturity by one year to February 2027. Wells Fargo acted as administrative agent on the transaction.
“We are grateful for the entire bank group for their continued support of Canes,” Dan Westcott, CFO at Canes Midstream, said. “This new facility further enhances our liquidity and will support our ongoing organic growth opportunities within the Midland Basin. We look forward to continuing to provide best-in-class service to our producers and expanding our asset footprint to meet their needs.”
Canes operates midstream assets located in the Southern Midland Basin, including 520 million cubic feet per day of processing capacity, more than 800 miles of pipelines, 42 compressor stations, a crude oil gathering system and acreage dedications from a group of Midland Basin-focused producers.
