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Epic Crude to launch $1.08 billion credit facilities on Wednesday
By Sara Rosenberg
New York, Feb. 4 – Epic Crude Services is scheduled to hold a bank meeting at 1 p.m. ET in New York on Wednesday to launch $1,075,000,000 of credit facilities, according to a market source.
Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc., ABN Amro and Mirae are the leads on the deal.
The facilities consist of a $75 million super-priority revolver and a $1 billion senior secured term loan B, the source said.
Proceeds will be used to partially fund the crude pipeline construction project, fund associated debt service reserve and construction reserve accounts, and pay related fees and expenses.
Equity investors are Ares Management Corp. and affiliates of Noble Energy Inc., Apache Corp., and Diamondback Energy.
Epic Crude pipeline is a 700 mile crude pipeline originating in the Permian and Eagle Ford Basins and terminating in Corpus Christi.
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