Veresen Midstream LP closes restatement of credit facilities

Veresen Midstream LP closed a restatement of its credit facilities in the aggregate amount of $2.775 billion on April 20, 2018, restating a 2015 New York law governed credit agreement into an Alberta law governed loan arrangement providing for a $2.5-billion term loan commitment, a $200-million revolving commitment and a $25-million operating commitment. The loan arrangement is thought to be one of the largest non-investment grade bank financings in the history of the Canadian bank market.

Veresen Midstream Limited Partnership is a natural gas midstream business located in Western Canada and owned by Pembina Pipeline Corp. and Kohlberg Kravis Roberts & Co. LP.

Bennett Jones LLP represented Veresen Midstream Limited Partnership with a team including Karen Dawson, Noriko Shimura and Michael Ramsay.

Counsel to the lenders and the agent was Norton Rose Fulbright Canada LLP, with a team including Richard Borden and Marlow Gereluk.

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