HOUSTON, Jan. 8, 2019 /PRNewswire/ — Canyon Midstream Partners II, LLC (“CMP2”) today announced an increase to the revolving credit facility at its subsidiary Redcliff Midstream, LLC (“Redcliff”) from $70 million to $100 million. The bank group participating in the Redcliff credit facility includes Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent; Amegy Bank, a division of Zions Bancorporation, N.A. (“Amegy”); and Capital One, National Association (“Capital One”).
CMP2 also announced an expansion project at the company’s recently constructed cryogenic gas processing facility in Woodward County, Oklahoma (the “Redcliff Plant”). When the project is completed in the second quarter of 2019, the Redcliff Plant’s processing capacity will be 240 million cubic feet per day (MMcf/d), representing a 20 percent increase over current plant capacity. The Redcliff Plant processes gas volumes transported on an extensive pipeline system which includes over 180 miles of gathering pipelines and five field compressor stations in Oklahoma’s Woodward, Dewey, Blaine and Canadian counties (the “Redcliff Gathering System”).
“We appreciate the support and confidence demonstrated by our lender group with the expansion of the Redcliff revolving credit facility,” said Michael Walsh, President and CEO of CMP2. “We will continue to develop Redcliff’s assets and infrastructure to provide efficient and reliable midstream services in support of growing gas volumes as producers in the STACK play shift to multi-well pad development.”
ABOUT CANYON MIDSTREAM PARTNERS II, LLC
CMP2 is a Houston-based company formed to acquire, develop and operate midstream energy companies and assets. The CMP2 team is led by Michael Walsh, President; Mark Fuqua, SVP Business Development; and Dale Harper, SVP Engineering & Operations. CMP2 is backed by $200 million in equity commitments from Kayne Anderson Energy Fund VII and the CMP2 management team. CMP2 seeks opportunities to create long-term value for its customers, investors and employees through operational improvements, organic and strategic growth and efficient capital investment. For more information, visit www.canyonmidstream.com or contact CMP2 at email@example.com.
ABOUT KAYNE ANDERSON ENERGY FUNDS
Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson“), founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy and infrastructure, specialized real estate, growth equity and both private credit and diversified liquid credit. Kayne Anderson’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne Anderson manages $29 billion in assets (as of 9/30/2018) for institutional investors, family offices, high net worth and retail clients and employs more than 350 professionals in eight offices across the U.S.
Through Kayne Anderson Energy Funds (“KAEF”), Kayne Anderson has raised over $7.3 billion of committed capital dedicated to energy private equity investments in primarily upstream and midstream oil and gas companies. Currently, KAEF has approximately 25 active portfolio companies focused on upstream and midstream oil and gas assets across North America.
The firm is headquartered in Los Angeles with offices in Houston, New York City, Chicago, Denver, Dallas, Atlanta and Boca Raton. For more information, please visit www.kaynecapital.com.
SOURCE Canyon Midstream Partners II, LLC