El Paso Corp. has amended and restated its revolving credit facility and renewed the El Paso Exploration & Production Company (EPEP) revolving credit facility, both of which were set to mature in 2012.
Changes to the El Paso Corporation facility include the extension of maturity to 2016, the reduction of available commitments from $1.5 billion to $1.25 billion, and credit terms which now include more flexibility on collateral support and El Paso Corporation's general partnership interest in EPB as collateral. The EP facility also now provides for an elimination of collateral support upon the loans achieving investment grade status. There were no material changes to the covenant and collateral package supporting the $1.0 billion borrowing base facility for EPEP.
The EP facility was financed through a syndication of 23 financial institutions. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as coordinators for the EP Facility. The EPEP facility was financed through a syndication of 31 financial institutions. BNP Paribas Securities Corp. and Scotia Capital acted as coordinators for the EPEP facility.
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