Tallgrass Energy Partners LP (NYSE: TEP) has increased its revolving credit facility from $850 million to $1.1 billion, and has an option to further increase the revolving credit facility by up to an additional $400 million of commitments to $1.5 billion.
The option may be exercised by TEP within six months of the closing of the facility, which was effective Nov. 24, and concurrent with or after the acquisition of at least an additional 10% interest in Pony Express. As of Sept. 30, TEP had $696 million drawn on its revolving credit facility.
TEP provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the US through its Tallgrass Interstate Gas Transmission and Trailblazer Pipeline systems. It provides crude oil transportation to customers in Wyoming, Colorado, and the surrounding regions through its membership interest in Tallgrass Pony Express Pipeline.
TEP also provides services for customers in Wyoming through Tallgrass Midstream at its Casper and Douglas natural gas processing and its West Frenchie Draw natural gas treating facilities and provides water business services to customers in Colorado and Texas through BNN Water Solutions.
TEP’s operations are located in, and provide services to, certain US hydrocarbon basins, including the Denver-Julesburg, Powder River, Wind River, Permian and Hugoton-Anadarko basins and the Niobrara, Mississippi Lime, Eagle Ford, and Bakken shale formations.