CALGARY, Dec. 6, 2013 /CNW/ - Keyera Corp. (TSX:KEY) (TSX:KEY.DB.A) ("Keyera") today announced that it has amended its existing unsecured revolving term facility agreement (the "Credit Facility") with a syndicate of lenders. Pursuant to the amendment, the term of the Credit Facility was extended from December 13, 2016, to December 6, 2017, and the Debt to EBITDA financial covenant ratio, which includes a deduction for working capital when calculating debt, has been increased from 3.5 times to 4 times. The size of the Credit Facility remains at $750 million, with the potential to increase to $1 billion, subject to certain conditions.
"This is an exciting time for Keyera as we execute the largest capital program in our history. This support from our lenders provides funding for our growth opportunities and allows us to optimize our financing strategy going forward," said Steven Kroeker, Keyera's Vice President and Chief Financial Officer.
About Keyera Corp.
Keyera Corp. (TSX:KEY) (TSX:KEY.DB.A) operates one of the largest natural gas midstream businesses in Canada. Its business consists of natural gas gathering and processing as well as the processing, transportation, storage and marketing of natural gas liquids (NGLs), the production of iso-octane and crude oil midstream activities.
Keyera's gas processing plants and associated facilities are strategically located in the west central, foothills and deep basin natural gas production areas of the Western Canada Sedimentary Basin. Its NGL and crude oil infrastructure, including pipelines, terminals and processing and storage facilities, as well as its iso-octane facility, are located in Edmonton and Fort Saskatchewan, Alberta, a major North American NGL hub. Keyera markets propane, butane, condensate and iso-octane to customers in Canada and the United States.
The information provided in this release is given as of the date hereof.
SOURCE: Keyera Corp.
For further information:
John Cobb, Vice President, Investor Relations and Information Technology, or
Julie Puddell, Manager, Investor Relations
E-mail: [email protected], Telephone: (403) 205-7670 / Toll Free: (888) 699-4853,
Facsimile: (403) 205-8425.