Tallgrass Energy Partners Announces the Extension and Enhancement of Its $1.75 Billion Revolving Credit Facility
“The additional flexibility and reduced pricing provided in this amended credit facility is a direct result of TEP’s exceptional financial performance over the past four years and its conservative balance sheet,” said Executive Vice President and CFO, Gary J. Brauchle. “We continue to appreciate the confidence of our supportive lending banks.”
The Amended Credit Agreement, among other things, (i) reduces the interest rate and relaxes certain covenants, including by increasing certain applicable limits and baskets and (ii) provides that, if and when TEP achieves certain specified credit ratings (including an investment grade rating by at least one ratings agency), the liens securing the Amended Credit Agreement will be automatically released, certain restrictive covenants will be significantly relaxed or cease to apply and the applicable margin for both base rate and Eurodollar rate loans and the commitment fee on the unused committed amount will be reduced by specified amounts.
About Tallgrass Energy
Tallgrass Energy is a family of companies that includes publicly traded partnerships Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass Energy GP, LP (NYSE: TEGP), and privately held Tallgrass Development, LP. Operating across 10 states, Tallgrass is a growth-oriented midstream energy operator with transportation, storage, terminal and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
To learn more, please visit our website at www.tallgrassenergy.com.
ContactsTallgrass Energy Partners, LP
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Investor Relations
Nate Lien, 913-928-6012
[email protected]
or
Media and Trade Inquiries
Phyllis Hammond, 303-763-3568
[email protected]
LEAWOOD, Kan.–(BUSINESS WIRE)–Tallgrass Energy Partners, LP (NYSE:TEP) today announced that it has
entered into a $1.75 billion Second Amended and Restated Credit
Agreement with Wells Fargo Bank, as administrative agent and collateral
agent, and a syndicate of lenders (the “Amended Credit Agreement”). The
Amended Credit Agreement amends and restates TEP’s existing revolving
credit facility and extends the maturity date from May 13, 2018 to June
2, 2022.
“The additional flexibility and reduced pricing provided in this amended
credit facility is a direct result of TEP’s exceptional financial
performance over the past four years and its conservative balance
sheet,” said Executive Vice President and CFO, Gary J. Brauchle. “We
continue to appreciate the confidence of our supportive lending banks.”
The Amended Credit Agreement, among other things, (i) reduces the
interest rate and relaxes certain covenants, including by increasing
certain applicable limits and baskets and (ii) provides that, if and
when TEP achieves certain specified credit ratings (including an
investment grade rating by at least one ratings agency), the liens
securing the Amended Credit Agreement will be automatically released,
certain restrictive covenants will be significantly relaxed or cease to
apply and the applicable margin for both base rate and Eurodollar rate
loans and the commitment fee on the unused committed amount will be
reduced by specified amounts.
About Tallgrass Energy
Tallgrass Energy is a family of companies that includes publicly traded
partnerships Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass
Energy GP, LP (NYSE: TEGP), and privately held Tallgrass Development,
LP. Operating across 10 states, Tallgrass is a growth-oriented midstream
energy operator with transportation, storage, terminal and processing
assets that serve some of the nation’s most prolific crude oil and
natural gas basins.
To learn more, please visit our website at www.tallgrassenergy.com.
Contacts
Tallgrass Energy Partners, LP
Investor Relations
Nate Lien,
913-928-6012
[email protected]
or
Media
and Trade Inquiries
Phyllis Hammond, 303-763-3568
[email protected]
