OKLAHOMA CITY, Sept. 27, 2017 /PRNewswire/ — Traverse Midstream Partners LLC (“Traverse”) announced today the closing of a $1.285 billion senior secured term loan (“Term Loan”). The Term Loan was upsized by $150 million from an initial loan size of $1.135 billion. Proceeds will be used to fund ongoing capital requirements associated with Traverse’s 35% interest in Rover Pipeline LLC (“Rover”) and 25% interest in Ohio River System (“ORS”), to retire existing Traverse indebtedness, and for general corporate purposes.
Traverse’s CEO, Dave Shiels, commented “We are very pleased to announce the completion of the final phase of funding for our ownership interests in Rover and ORS. Rover is now partially in service with an expected completion date of first quarter 2018 and ORS has been in-service for close to two years. Both projects are critical infrastructure for unlocking the resource value in the Utica and western Marcellus basins and we are excited for Traverse to be a partner in these strategic assets.”
Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A. acted as joint lead arrangers and joint bookrunners for the Term Loan.
About Traverse Midstream Partners LLC:
Traverse was founded in June 2014 by The Energy & Minerals Group. Traverse is strategically focused on midstream investments in leading industry basins. Current investments include a 35% interest in the ETP operated Rover Pipeline and a 25% interest in the ETP operated ORS.
About The Energy & Minerals Group:
EMG is the management company for a series of specialized private equity funds. The firm was founded by John Raymond (majority owner and CEO) and John Calvert in 2006. EMG focuses on investing across various facets of the global natural resource industry including the upstream and midstream segments of the energy complex. EMG has approximately $15.8 billion of regulatory assets under management (RAUM) and approximately $10.4 billion in commitments have been allocated across the energy sector since inception.
This press release contains forward-looking statements that may state Traverse’s or its management’s intentions, beliefs, expectations or predictions for the future. Forward-looking statements include statements that are not statements of historical facts, and typically can be identified by the use of words such as “expect,” “estimate,” “anticipate,” “believe” and similar terms. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results.
Contact:
Michael W. Smith
405-697-3021
Michael.Smith@TravLP.com
SOURCE Traverse Midstream Partners LLC