QEP Resources Inc. (NYSE: QEP) reports that its wholly owned subsidiary, QEP Field Services Co., has completed the sale of its midstream business, including the company's ownership interest in QEP Midstream Partners LP (NYSE:QEPM) to Tesoro Logistics LP in an all cash transaction valued at $2.5 billion, including $230 million to refinance debt at QEPM.
The company repaid its $600 million term loan and all of the borrowings under its revolving credit facility, including $230 million that was borrowed to refinance QEPM’s outstanding indebtedness.
QEP also has amended and extended its corporate revolving credit facility. Commitments under the credit facility were increased to $1.8 billion and the facility contains a $500 million accordion feature. The maturity date of the facility was extended to December 2019.
Wells Fargo Bank NA serves as administrative agent for the credit facility.