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SemGroup Refinances HFOTCO Term Loans, Reducing Interest Rate and Extending Maturity

News Provided by GlobeNewswire2018-06-26
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TULSA, Okla., June 26, 2018 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) today announced that its subsidiary, Houston Fuel Oil Terminal Company (HFOTCO), amended its credit facility to refinance the outstanding $530.75 million of senior secured term loans and repay the $60 million of revolver borrowing under that agreement.

The existing term loans were replaced with $600 million in new senior secured term loans that bear interest at a rate of LIBOR plus 2.75 percent, reflecting a reduction of 75 basis points, subject to an original issue discount (OID) of 99.75. The new term loans mature in 2025 compared to the previous term loans which matured in 2021. The amended credit facility does not include revolving borrowing ability.

TD Securities (USA) LLC and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners for the transaction. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc. acted as co-arrangers for the transaction. Toronto Dominion (Texas) LLC is administrative agent and Bank of America, N.A. is the collateral agent. 

Gibson, Dunn & Crutcher LLP served as legal counsel to SemGroup.

About SemGroup
SemGroup® Corporation (NYSE:SEMG) moves energy across North America through a network of pipelines, processing plants, refinery-connected storage facilities and deep-water marine terminals with import and export capabilities. SemGroup serves as a versatile connection between upstream oil and gas producers and downstream refiners and end users. Key areas of operation and growth include western Canada, the Mid-Continent and the Gulf Coast. SemGroup is committed to safe, environmentally sound operations. Headquartered in Tulsa, Okla., the company has additional offices in Calgary, Alberta; Platteville, Colo.; and Houston, Texas.

SemGroup uses its Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at www.semgroupcorp.com, our Twitter account and LinkedIn account.

Forward-Looking Statements
Certain matters contained in this Press Release include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical fact, included in this Press Release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this Press Release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

SemGroup Investor Relations:
Alisa Perkins
918-524-8081
investor.relations@semgroupcorp.com

SemGroup Media:
Tom Droege
918-524-8560
tdroege@semgroupcorp.com



© 2018 GlobeNewswire, Inc. All Rights Reserved.

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The news, reports, views and opinions of authors (or source) expressed are their own and do not necessarily represent the views of CRWE World.


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