Porter Hedges Represents Canyon Midstream in Securing a $50 Million Credit Facility
HOUSTON, August 29, 2014: Porter Hedges represented Canyon Midstream Partners, LLC ("Canyon") in securing a four-year, $50 million credit facility, which can be expanded to $100 million. Proceeds from the credit facility will fund Canyon's expansion plans in the Permian Basin, the Eaglebine play in East Texas and the Tuscaloosa Marine Shale.
Canyon is a Houston-based midstream company backed by $300 million in equity commitments from Kayne Anderson Energy Funds (“Kayne Anderson”), Canyon management and certain institutional investors. Porter Hedges previously represented Canyon in the equity investment from Kayne Anderson.
Canyon is currently constructing the James Lake project in the Permian Basin, the Foster Creek processing plant in Wilkinson County (Mississippi), and also expanding the processing and gathering capacity on its Trinity River Midstream system in Houston and Madison counties (Texas) to accommodate growing production from the Eaglebine play.
The Porter Hedges team was led by partner Jason Lloyd with assistance from associates Jessica Gonzalez and Matt Smith.
For more information on the transaction, please see the Canyon press release here.
In the Press:
"Canyon Midstream Secures $50 Million Credit Facility," MarketWatch
"Kayne Anderson-backed Canyon nets $50 mln," PeHUB