Superior Pipeline obtains $200 million five-year revolver via BOKF

By Sarah Lizee

Olympia, Wash., May 16 – Superior Pipeline Co., LLC entered into a credit agreement on May 10 with BOKF, NA as administrative agent that provides for a $200 million five-year senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The revolver may be increased up to $250 million, subject to some conditions.

Borrowings bear interest at Libor plus a margin that ranges from 200 basis points to 325 bps and the commitment fee ranges from 37.5 bps to 50 bps, both based on the funded debt to EBITDA ratio.

Superior is required to maintain a consolidated EBITDA to interest expense ratio for the most-recently ended rolling four quarters of at least 2.5 to 1 and a funded debt to consolidated EBITDA ratio of not greater than 4 to 1.

Proceeds will be used to fund capital expenditures and acquisitions, provide general working capital and issue letters of credit.

BOKF is also a letter-of-credit issuer and a joint lead arranger together with BBVA Compass.

Tulsa, Okla.-based Superior is a full service midstream energy company equally owned by Unit Corp. and SP Investor Holdings, LLC.

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