Quicksilver Gas Services LP's Credit Facility Increased to $320 Million
23 10월 2009 - 5:18AM
Marketwired
Quicksilver Gas Services LP (NYSE: KGS) announced that its bank
group has increased the company's senior secured revolving credit
facility to $320 million. Bank of America Merrill Lynch led the
group of 12 existing and new lenders that amended the credit
facility, including an increase to the pricing grid of 175 basis
points.
"The expansion of our credit facility is a testament to the bank
group's confidence in the future of our company," said Toby Darden,
Quicksilver Gas Services' president and chief executive officer.
"We believe that this increased facility provides sufficient
capacity for the company to continue to grow organically and
opportunistically through selective acquisitions."
The credit facility permits the future expansion up to $350
million, subject to consents and additional commitments. The credit
facility, which matures August 10, 2012, can be extended up to two
additional years with consenting lenders. As of September 30, 2009
and accounting for the credit facility increase, the company has
approximately $113 million available to be drawn under the credit
facility.
About Quicksilver Gas Services
Quicksilver Gas Services LP is a midstream master limited
partnership engaged in the business of gathering and processing
natural gas produced from the Barnett Shale formation in the Fort
Worth Basin in north Texas. Headquartered in Fort Worth, the
company's predecessors began operations in 2004 to provide
midstream services primarily to Quicksilver Resources Inc. For more
information about Quicksilver Gas Services, visit
www.kgslp.com.
Forward-Looking Statements
The statements in this news release regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results are forward-looking statements. Although these statements
reflect the current views, assumptions and expectations of
Quicksilver Gas Services LP's management, the matters addressed
herein are subject to numerous risks and uncertainties, which could
cause actual activities, performance, outcomes and results to
differ materially from those indicated. Factors that could result
in such differences or otherwise materially affect Quicksilver Gas
Services LP's financial condition, results of operations and cash
flows include: changes in general economic conditions; fluctuations
in natural gas prices; failure or delays in Quicksilver Resources
Inc. and third parties achieving expected production from natural
gas projects; competitive conditions in our industry; actions taken
or non-performance by third parties, including suppliers,
contractors, operators, processors, transporters and customers;
fluctuations in the value of certain of our assets and liabilities;
changes in the availability and cost of capital; operating hazards,
natural disasters, weather-related delays, casualty losses and
other matters beyond our control; construction costs or capital
expenditures exceeding estimated or budgeted amounts; the effects
of existing and future laws and governmental regulations; and the
effects of current and future litigation; as well as other factors
disclosed in Quicksilver Gas Services LP's filings with the
Securities and Exchange Commission. Except as required by law, we
do not intend to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
KGS 09-10
Investor and Media Contact: Rick Buterbaugh 817-665-4835
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