Eureka Midstream Secures $400 Million Senior Credit Facility

HOUSTON, TX, September 6, 2017 / PR Newswire/ — Eureka Midstream, LLC, (the “Company”) announced today that it has closed on a $400 million Senior Secured Revolving Credit Facility (the “Credit Facility”).

Credit Facility Highlights

  • Amends and restates Eureka’s existing credit facility and provides the Company with increased financial flexibility by increasing the aggregate Credit Facility commitments from $225 million to $400 million.
  • Extends the maturity to 4-years from the Credit Facility closing date.
  • Provides the Company a $100 million Accordion whereby under certain terms and conditions the Company can increase the aggregate Credit Facility commitments to $500 million.
  • Use of proceeds from the Credit Facility will be used for funding capital expenditures, financing permitted acquisitions, funding working capital, and general corporate purposes.
  • The Credit Facility contains other terms and conditions customary of financings of this type.

 

ABN AMRO Capital USA LLC serves as the “Administrative Agent” and “Sole Lead Arranger” under the Credit Facility, with BBVA Compass, CIT Bank, N.A., and U.S. Bank, National Association, serving as “Co-Documentation Agents,” Citibank, N.A., Iberiabank, and Regions Bank serving as “Senior Managing Agents.” Additional participating banks include BNP Paribas, Cadence Bank, N.A., Citizens Bank, N.A., East West Bank, Branch Banking and Trust Company, The Huntington National Bank, and ZB, N.A. DBA Amegy Bank.

Gabe Scott, Chief Financial Officer of the Company, commented, “Eureka’s amended and restated Credit Facility strengthens our Company’s financial flexibility and commitment toward prudent growth. In particular, the improved Credit Facility further enables us to deliver long-term value for our shareholders, implement the strategies required to effectively drive throughput volumes through the Eureka system and maintain our position as one of the industry’s safest and most efficient midstream operators in the Marcellus and Utica shales.  I’d like to thank our bank group for their trust and support in the Eureka model.”

Simpson Thatcher & Bartlett LLP served as legal advisors to Eureka Midstream. Thompson & Knight LLP served as legal advisors to ABN AMRO Capital USA LLC.

About Eureka Midstream Corporation

Eureka Midstream, LLC, based in Houston, Texas is a strategic midstream company focused in the Appalachian Basin. The Company is currently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio. With approximately 200 miles of gathering systems, the advanced pipeline network is capable of transporting lean or rich natural gas.

On April 10, 2019, EQM Midstream Partners, LP (NYSE: EQM), a subsidiary of Equitrans Midstream Corporation (NYSE: ETRN), closed the transaction to acquire a 60% interest in Eureka Midstream Holdings, LLC (Eureka Midstream) and a 100% interest in Hornet Midstream Holdings, LLC (Hornet Midstream).

As integration activities begin, keeping safety our number one priority and ensuring business continuity will be of utmost importance. During the transition process, there are often questions that arise from our various stakeholders – please use the information below to receive assistance:

Emergency Contact:  During the transition period, all emergency calls will continue to utilize Eureka’s Gas Control at (800) 269-6673. Additional emergency contact information will be provided once the transition is complete.

Customers:  During the transition period, current Eureka Midstream customers may continue to visit Eureka’s Customer Activities website to place nominations and view notices.

Property Owners (Landowners): Any questions or concerns regarding your Eureka Midstream right-of-way agreement or land lease may be directed via email to OwnerRelations@equitransmidstream.com. Additionally, please feel free to visit the ETRN Owner Relations website for a listing of frequently asked questions.

Vendors/Suppliers: For additional information regarding procurement services or questions regarding existing contracts, please email SupplyChainContracts@equitransmidstream.com. 

Business Development Inquiries: Please email Paul Kress or call 412-395-3232. 

Media Inquiries: For acquisition-related and/or general media inquiries, please email Natalie Cox.

General and Community Inquiries: Please direct your inquiry via email to info@equitransmidstream.com

Investor Inquiries: Visit the Investors page on our respective ETRN or EQM websites for contact information, investor presentations, earnings releases, and SEC filings.

About Equitrans Midstream Corporation

Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and is one of the largest natural gas gatherers in the United States. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 and, through its subsidiaries, has an operational focus on gas gathering systems, transmission and storage systems, and water services assets that support natural gas producers across the Basin. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work. ETRN owns the non-economic general partner interest and an approximate 60% limited partner interest in EQM.

For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com

About EQM Midstream Partners

EQM Midstream Partners, LP (EQM) is a growth-oriented limited partnership formed to own, operate, acquire, and develop midstream assets in the Appalachian Basin. As one of the largest gatherers of natural gas in the United States, EQM provides midstream services to producers, utilities, and other customers through its strategically located natural gas transmission, storage, and gathering systems, and water services to support energy development and production in the Marcellus and Utica regions. EQM owns approximately 950 miles of FERC-regulated interstate pipelines and approximately 2,200 miles of high- and low-pressure gathering lines.

For more information on EQM Midstream Partners, LP, visit www.eqm-midstreampartners.com