Gulf South Pipeline Company, LP, an interstate natural gas transmission company, owns and operates an integrated natural gas pipeline and storage system located along the Gulf Coast in the states of Texas, Louisiana, Mississippi, Alabama, and Florida. Its pipeline system consists of approximately 7,400 miles of interconnected pipelines and 10 natural gas storage facilities. The company also owns and operates eight salt dome natural gas storage caverns in Forrest County, Mississippi. It serves various customers, including producers of natural gas, local distribution companies, marketers, electric power generators, industrial users, and interstate and intrastate pipelines. The company is headq...
9 Greenway Plaza
Houston, TX 77046
Boardwalk Pipeline Partners, LP, Boardwalk Pipelines, LP, Texas Gas Transmission, LLC, Gulf South Pipeline Company, LP and Gulf Crossing Pipeline Company LLC Announces Amendments to Third Amended and Restated Revolving Credit Agreement
May 26 15
Boardwalk Pipeline Partners, LP and certain of its wholly-owned subsidiaries entered into a Third Amended and Restated Revolving Credit Agreement among the Partnership, as guarantor, Boardwalk Pipelines, LP, Texas Gas Transmission, LLC, Gulf South Pipeline Company, LP and Gulf Crossing Pipeline Company LLC, as borrowers (the "Borrowers"), and the several lenders and issuers party thereto, Wells Fargo Bank, N.A., as administrative agent, Citibank, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents and the other agents identified therein. Under the Amended Credit Agreement, the Lenders will provide the Borrowers certain revolving loans, swingline loans and letters of credit to be used for general partnership purposes, including repayment of indebtedness, acquisitions, capital expenditures and payment of distributions, in an aggregate amount of up to $1.5 billion. Each Borrower is subject to a separate sublimit for borrowings under this facility. The Partnership has guaranteed the obligations of the Borrowers under the Amended Credit Agreement. Maturity. The Amended Credit Agreement has a maturity date of May 26, 2020. Prepayments. The Borrowers are allowed to prepay all loans under the credit facility at any time without premium or penalty (other than customary breakage costs). Interest. Interest is determined, at the Partnership's election, by reference to the base rate which is the prime rate, the federal funds rate plus 0.50%, and the one month Eurodollar Rate plus 1.0%, plus an applicable margin, or the London Interbank Offered Rate plus an applicable margin. The applicable margin ranges from 0.00% to 0.75% per annum for loans bearing interest based on the base rate and ranges from 1.00% to 1.75% per annum for loans bearing interest based on the LIBOR Rate, in each case determined based on the individual Borrower's credit rating from time to time. The Amended Credit Agreement also provides for a quarterly commitment fee charged on the average daily unused amount of the revolving credit facility ranging from 0.1% to 0.275% per annum, determined based on the individual Borrower's credit rating from time to time. Conditions. The Borrowers' ability to borrow amounts under the revolving credit facility will be subject to the execution of customary documentation relating to the facility, including satisfaction of certain customary conditions precedent and compliance with terms and conditions included in the loan documents, including a post-closing obligation which requires the Partnership to repay its borrowings under its existing term loan of $175.0 million and terminate all related commitments.