01-26-2016, 04:43 PM
Quote:Kinder Morgan Announces Term Loan and Revolver Expansion; Expects No Need to Access Capital Markets in 2016
HOUSTON--Kinder Morgan, Inc. (NYSE: KMI) today announced that it had closed on a three-year, unsecured $1 billion term loan and a $1 billion expansion of its unsecured revolving credit facility, increasing the capacity of that facility from $4 billion to $5 billion. Proceeds from the term loan will be used for general corporate purposes, including the repayment of existing borrowings. Pricing for both facilities is consistent with KMI’s existing revolving credit facility and includes a floating interest rate calculated based on KMI’s credit rating that currently equals the London Interbank Offered Rate (LIBOR) plus 150 basis points. The term loan contains the same covenant package as the existing revolving credit facility. Barclays is the administrative agent for both facilities.
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