CorEnergy expands credit facility to $153 million

CorEnergy Infrastructure Trust Inc. (NYSE: CORR, CORRPrA) has amended and upsized its existing $93 million revolving credit facility to provide borrowing commitments of $153 million, consisting of a $105 million revolver and a $45 million term loan at the CorEnergy parent entity level and $3 million at the subsidiary entity level (collectively, the credit facility).

Upon closing the credit facility, CorEnergy drew $45 million on the term loan to pay down the balance on its revolver that had been used in funding the recent Grand Isle Gathering System acquisition. The company now has approximately $100 million of available borrowing capacity on the revolver.

The credit facility has a maturity date of Dec. 15, 2019. Regions Capital Markets and Bank of America Merrill Lynch served as joint lead arrangers and bookrunners on the credit facility, with Regions Bank acting as administrative agent and Bank of America NA acting as syndication agent.

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