El Paso to repay $414 million term loan with cash on hand

By Sara Rosenberg

New York, Dec. 22 - El Paso Corp. will repay the entire $414 million outstanding under its Mustang term loan on Tuesday using existing cash, according to a filing with the Securities and Exchange Commission.

By repaying the term loan, the Houston energy company will free up assets that collateralized the deal, including about $90 million of cash on deposit in restricted accounts, ownership of the Colorado Interstate Gas Co., and oil and natural gas properties.

However, ownership interests in Colorado Interstate Gas will continue to be pledged to the lenders under the company's revolving credit facility, the filing added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.