Chesapeake Midstream to use revolver draw for Springridge purchase

By Sara Rosenberg

New York, Dec. 16 - Chesapeake Midstream Partners LP plans on drawing about $250 million under its revolving credit facility to help fund the acquisition of the Springridge natural gas gathering system from Chesapeake Midstream Development LP, according to a news release.

Other funds for the $500 million transaction will come from about $250 million of cash on hand.

The acquisition is expected to close before Dec. 31.

Chesapeake Midstream is an Oklahoma City-based owner, operator, developer and acquirer of natural gas gathering systems and other midstream energy assets.

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