March 16, 2005 -- Tulsa, Oklahoma – SemGroup, L.P. announced today the successful closing of credit facility transactions totaling $1 billion.
Tom Kivisto, SemGroup president and chief executive officer, said, "This milestone for our company supports our vision to continue growing and serving North America’s midstream energy sector."
The company also said that Moody’s Investors Service upgraded its credit rating to Ba3 from B1 after reviewing the transaction proposal.
The credit facilities are comprised of
- $675 million of Working Capital and Revolver Facilities
- $325 million Term Loan B.
Banc of America Securities LLC is bookrunner for the facilities. Lead lenders include Bank of America, N.A., BNP Paribas, Bank of Montreal, Bank of Oklahoma, N.A. and The Bank of Nova Scotia.
Kivisto said the funds will be used for growth through acquisition as well as organic expansion.
SemGroup, L.P. is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. It is ranked #14 on Forbes magazine’s list of America’s Largest Private Companies. SemCanada’s businesses include Seminole Canada Gas and Seminole Canada Energy. For additional information, visit www.semgroupcorp.com.
Vice President and Chief Financial Officer