US gas and oil processer completes US$200m RCF

News | 9 August 2017

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ARM Energy has secured an oversubscribed US$200m revolving credit facility (RCF) on behalf of Kingfisher Midstream.

Kingfish Midstream gathers and processes natural gas and crude oil in Oklahoma's Sooner Trend Anadarko Basin Canadian and Kingfisher Counties (STACK) region.

Proceeds from the RCF will be used to fund capital expenditures such as the under-construction 200m cubic feet per day cryogenic processing plant expected to be in service by Q4 of 2017.

Cryogenic processing plants are used to separate gas and store the gases that can be extracted from it such as ethane, propane, and butane.

“We are pleased to work with ABN AMRO, who were able to use their industry knowledge to understand the nuances of our company resulting in an oversubscribed and successful syndication,” said Michael Christopher, chief financial officer of Kingfisher Midstream. 

ABN AMRO acted as administrative agent, book runner and lead arranger for the RCF, with East West Bank and Wells Fargo acting as syndication agent and documentation agent, respectively.

Kingfisher Midstream was created in 2015 by a partnership between ARM Energy and HPS Investments Partners.

Casey Lowary, managing director of ABN AMRO added, “We are pleased to partner with the ARM Energy team to support the growth of KFM [Kingfish Midstream]. The company's underlying acreage dedications and STACK footprint are the cornerstone of the credit facility being upsized from $150 millionto $200 million.”

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