Canyon Midstream Partners LLC secured a four-year, $50 million credit facility, which may be expanded to $100 million. Proceeds from the facility will fund the company’s expansion plans in the Permian Basin, the Eaglebine play and the Tuscaloosa Marine Shale.
Canyon is building the James Lake project in the Permian Basin, which will consist of a 105 million cubic feet per day cryogenic gas processing plant in Ector County, Texas, 60 miles of 12-inch trunkline and six field compressor stations in Ector, Andrews, Winkler, Martin, Dawson and Gaines counties, Texas. The expected completion date is in the fourth quarter. In the Tuscaloosa Marine Shale, Canyon is developing the Foster Creek processing plant in Wilkinson County, Miss., which has an expected completion date in the fourth quarter. In the Eaglebine, Cayon is expanding the processing and gathering capacity on its Trinity River Midstream system in Houston and Madison counties, Texas.
Wells Fargo Securities LLC was the sole lead arranger and sole book-runner of the credit facility, which closed on Aug. 29.
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