Williams Energy Partners obtains $175 million credit facility

By Sara Rosenberg

New York, Aug. 6 - Williams Energy Partners LP closed on a $175 million credit facility. Lehman Brothers Inc. served as the lead financial advisor and sole bookrunning manager on the refinancing deal.

The facility consists of a $90 million term loan due August 2008 with an interest rate of Libor plus 237.5 basis points and an $85 million revolver due August 2007 with an interest rate of Libor plus 175 basis points.

The term loan was funded upon closing and the revolver was undrawn.

Security is the partnership's equity interests in its independent petroleum products terminals and its ammonia pipeline system.

Proceeds from the term loan were used to repay $90 million owed on the previous term loan.

"The current strength of the credit markets made this an ideal time to refinance our debt," said John Chandler, chief financial officer, in a news release. "This credit facility provides the partnership with the additional debt capacity and flexibility it needs to fund future acquisition opportunities."

Williams Energy Partners is a Tulsa, Okla. company involved in the storage, transportation and distribution of refined petroleum products and ammonia.

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