El Paso Pipeline Partners announced that it has closed on a new revolving credit facility.
The new $1.0 billion EPB facility increases its revolving credit capacity from the previous $0.75 billion facility and now matures in 2016.
The credit terms are similar to the previous facility, with the exception that certain restrictive covenants will be removed in the event that EPB receives an investment grade rating for its senior unsecured debt.
The EPB facility was financed through a syndication of 24 financial institutions. Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. acted as coordinators for the EPB Facility.
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Source: El Paso Pipeline Partners, June 5, 2011;