December 23, 2004 -- Tulsa, Oklahoma – SemGroup, L.P. announced today an increase in its senior secured credit facilities to $750 million. A syndicate of financial institutions funded the credit facilities which became effective December 22, 2004. SemGroup’s previous credit facilities totaled $550 million.
Tom Kivisto, SemGroup president and chief executive officer, said, “ Our new credit facilities, coupled with our recent equity infusion of $75 million through Carlyle/Riverstone Global Energy and Power Fund, provide SemGroup with a capital structure that supports the growth of our existing businesses as well as our acquisition strategy.”
The credit facilities are comprised of $600 million of Working Capital and Revolver Facilities, and a $150 million Term Loan B. Bookrunner for the Facilities was Banc of America Securities LLC. Lead lenders include Bank of America, N.A., BNP Paribas, Bank of Montreal, Bank of Oklahoma, N.A. and The Bank of Nova Scotia.
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. For additional information visit www.semgroupcorp.com.
Vice President and Chief Financial Officer