Canyon Midstream Partners LLC has secured a four-year, $50 million credit facility, which can be expanded to $100 million. Proceeds from the credit facility will fund Canyon's expansion plans in the Permian Basin, the Eaglebine play in East Texas and the Tuscaloosa Marine Shale.
Wells Fargo Securities LLC was the sole lead arranger and sole bookrunner of the credit facility, which closed on August 29, 2014. Wells Fargo Bank NA is the administrative agent under the credit facility, and Royal Bank of Canada acted as syndication agent. Vinson & Elkins LLP served as counsel for Wells Fargo. Canyon was represented by Porter Hedges.
Canyon is currently constructing the James Lake project in the Permian Basin. When completed in Q4 2014, this project will consist of a 105 MMcf/d cryogenic gas processing plant in Ector County, Texas; 60 miles of 12" trunkline; and six field compressor stations providing low pressure gathering services in Ector, Andrews, Winkler, Martin, Dawson and Gaines counties, Texas. In addition, Canyon is developing the Foster Creek processing plant in Wilkinson County, Miss. When completed in Q4 2014, this project will be the first processing and gathering system developed to serve production from the Tuscaloosa Marine Shale. Canyon is also expanding the processing and gathering capacity on its Trinity River Midstream system in Houston and Madison counties, Texas to accommodate growing production from the Eaglebine play.
Canyon is based in Houston
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