Brazos Midstream Expands Credit Facility to $1.1 Billion to Fund Midland Basin Growth

Brazos Midstream has expanded its credit facility to $1.1 billion to support continued natural gas gathering and processing growth in the Midland Basin.

(P&GJ) — Brazos Midstream has increased its senior credit facility to $1.1 billion, up from $225 million, providing additional capital to expand its natural gas gathering and processing footprint in the Midland Basin.

The expanded facility, secured by its subsidiary Brazos Midland LLC, was arranged by a syndicate of banks led by BOK Financial as administrative agent. The capital will support continued buildout of Brazos’ gas gathering and processing infrastructure across the Midland Basin.

The company said the financing supports ongoing system expansions in one of the most active oil and gas producing regions in the United States.

“In a matter of just three years, Brazos has secured long-term dedications for gas gathering & processing services covering over 375,000 acres with leading energy producers in the Midland Basin,” said William Butler, Brazos Chief Financial Officer. “With this newly expanded bank facility, along with the continued support of our equity partners, Brazos has fully secured the capital sources needed to complete the aggressive buildout of our Midland business as we continue to generate material growth in operating cash flow.”

BOK Financial served as lead arranger and administrative agent. Joint lead arrangers included Bank OZK, Citizens Bank, Fifth Third Bank, JPMorgan Chase Bank, KeyBanc Capital Markets and The Huntington National Bank. Harris Finley Bogle acted as legal counsel to Brazos, while Baker Botts represented the lender group.