Crestwood amends credit agreement to change total leverage ratio levels

By Jennifer Chiou

New York, Sept. 12 – Crestwood Equity Partners LP entered into an amendment to its credit agreement with JPMorgan Chase Bank, NA as administrative agent, changing the maximum total leverage ratio financial covenant and increasing the general partnership commitment to $625 million from $550 million while decreasing the expansion option to $25 million from $100 million, according to an 8-K filing with the Securities and Exchange Commission.

For the quarters ending Sept. 30 and Dec. 31, the required total leverage ratio is 5.5 to 1. It is 5.25 to 1 for the quarter ending March 31, 2015, 5 to 1 for the quarter ending June 30, 2015 and 4.75 to 1 thereafter.

Crestwood is a Houston-based company focused on natural gas storage.

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