Shell Midstream gets $600 million 10-year credit facility

By Taylor Fox

New York, March 18 – Shell Midstream Partners, LP and Shell Treasury Center (West) Inc. entered into a 10-year fixed-rate credit facility with borrowings of $600 million, according to an 8-K filing with the Securities and Exchange Commission.

The facility bears interest at a rate of 2.96% annually and matures on March 16, 2031.

The facility will be fully drawn on or about March 23, and the borrowings will be used to repay the borrowings under, and replace, the partnership’s five-year fixed-rate facility with Shell Treasury due March 1, 2022.

In consideration for Shell Treasury’s consent to the early prepayment of the five-year facility, the partnership incurred a payment of $1.7 million, which will be paid on or about March 23.

Shell Midstream is a Houston-based midstream master limited partnership formed by Royal Dutch Shell to own, operate, develop and acquire pipelines and other midstream assets.

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