Shell Midstream expands revolver to $760 million ahead of acquisition

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Shell Midstream Partners, LP amended and restated its five-year revolving credit facility dated Feb. 22, 2016 to expand its capacity by $360 million to $760 million on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The company plans to draw down on the revolver to fund part of its $350 million acquisition of a 49% interest in Odyssey Pipeline LLC and an additional 20% interest in Mars Oil Pipeline Co. The company will also use cash on hand for the purchase.

All other material terms and conditions of the revolver were unchanged.

Shell Midstream is a Houston-based midstream master limited partnership formed by Royal Dutch Shell to own, operate, develop and acquire pipelines and other midstream assets.

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