Canes Midstream Amends and Extends Credit Facility
DALLAS – Canes Midstream LLC (“Canes”), a Dallas-based midstream company, announced today that it has entered into an amendment to its credit facility, converting the existing two-part facility, revolver and term loan, into a single revolver, increasing its size to $415 million, and extending its maturity by one year to February 2027. Wells Fargo acted as administrative agent on the transaction.
Dan Westcott, Chief Financial Officer at Canes commented, “We are grateful for the entire bank group for their continued support of Canes. This new facility further enhances our liquidity and will support our ongoing organic growth opportunities within the Midland Basin. We look forward to continuing to provide best in class service to our producers and expanding our asset footprint to meet their needs.”
Canes operates strategic midstream assets located in the Southern Midland Basin, including 520 million cubic feet per day of processing capacity, more than 800 miles of pipelines, 42 compressor stations, a crude oil gathering system, and substantial acreage dedications from a diverse group of Midland Basin-focused producers.
About Canes Midstream LLC
Headquartered in Dallas and founded in 2019, Canes Midstream LLC is one of the largest private equity backed gathering and processing companies in the Permian Basin. Canes offers a full suite of midstream services to our producer customers in the Midland Basin. Canes is supported by equity commitments from EIV Capital and Trace Capital Management. For more information, visit www.canesmidstream.com.
Meredith Hargrove Howard
Redbird Communications Group