March 2021, Vol. 248, No. 3


Double E Pipeline Project Attracts $175 Million in Commitments

Summit Permian Transmission received $175 million in commitments from three leading commercial banks to finance the development of its Double E Pipeline Project, the company said. 

The lenders will provide senior secured credit facilities consisting of a $160 million delayed draw term loan and a $15 million working capital. The credit facilities mature seven years after the date of initial borrowing.   

The company said it expects to close and fund on the credit facilities shortly and will post a $15 million letter of credit under its corporate revolving credit facility to support back-end equity contributions, if needed, upon first funding. 

 “This further advances the Double E project toward our expected in-service date during the fourth quarter of 2021,” said President and CEO Heath Deneke of Summit Midstream Partners. “With our previously announced notice to proceed with construction from FERC, we commenced construction activities.” 

The pipeline will transport gas from the Delaware Basin in the Permian Shale in New Mexico and Texas to the Waha Hub in West Texas.

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