Vaquero Midstream Announces Upsize of Credit Facility
THE WOODLANDS, Texas, January 8th, 2019 — Vaquero Midstream announced today that an upsize of its Bank Revolving Credit Facility has been completed to $225 million. In conjunction with the upsize, Vaquero has also extended the commitment to the facility for one year, to December 2021. The facility is available for general corporate purposes, including funding capital expenditures, working capital, distributions to equity holders, and operating expenses.
The bank group is led by Legacy Texas Bank. Other banks participating in the facility include ABN Amro Capital, Bank of Texas, Cadence Bank, Amegy Bank, Comerica Bank, East West Bank and Raymond James.
“The upsizing and extension of our credit facility is an additional example of our mission to form long lasting and mutually beneficial relationships with all our business partners including producers, customers and lending institutions. We are pleased to have the support of our bank group and appreciate the confidence they demonstrated in our business with the upsizing of our credit facility”, said Gary E. Conway, CEO of Vaquero. “This upsized facility gives us plenty of capital for the growth projects we expect to be executing in the foreseeable future.”
Vaquero currently has installed two 200mmscf/d cryogenic processing plants in the Delaware Basin, which is tied into approximately 125 miles of high-pressure pipeline, composed mostly of 30” and 24” pipeline. The high-pressure pipeline accesses some of the richest gas producing areas of the Southern Delaware Basin. The company plans to install three more 200mmscf/d cryogenic units, bringing total processing capacity to 1bcf/d. The large-diameter gathering pipeline will give Vaquero sufficient gathering capacity to fill the expanded processing complex.