CALGARY, May 24, 2012 /CNW/ - Gibson Energy Inc. ("Gibson" or the "Company") (TSX: GEI) today announced that Gibson Energy ULC, Gibson's wholly owned subsidiary, has replaced and re-priced its existing Term Loan B and expanded its revolving credit facility, all through an amendment of its existing credit agreement. Among other amendments, the Company's existing U.S.$645 million Term Loan B has been replaced with a U.S.$650 million Tranche B Term Loan and has been re-priced to reflect a decrease in the interest rate from LIBOR plus 4.5% to LIBOR plus 3.75% and a decrease in the LIBOR Floor from 1.25% to 1%. Also, Gibson's existing U.S.$275 million revolving credit facility has been expanded by U.S.$100 million to U.S.$375 million.
Gibson is one of the largest independent midstream energy companies in Canada and a major participant in the crude oil transportation business in the United States, and is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids, and refined products. Gibson transports hydrocarbons by utilizing its integrated network of terminals, pipelines, storage tanks, and truck fleet located throughout western Canada and the United States. Gibson is also involved in the processing, blending and marketing of hydrocarbons, provision of water disposal and oilfield waste management services and is the second largest retail propane distribution company in Canada.
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