Brazos Midstream Completes Issuance of New $800 Million Senior Secured Term Loan B

FORT WORTH, Texas--(BUSINESS WIRE)--Brazos Midstream ("Brazos") (the "Company") today announced that its subsidiary, Brazos Delaware II LLC, has completed the issuance of a new $800 million senior secured Term Loan B due February 2030. The Company used the net proceeds from the Term Loan, along with excess balance sheet cash, to repay its existing $830 million Term Loan B due May 2025. As part of the transaction, Brazos has also increased its currently undrawn super-priority revolving credit facility to $150 million from $90 million and extended the facility's maturity date to 2028.

“We appreciate the support of our lender base and are excited to complete this opportunistic transaction,” said Brad Iles, Brazos Chief Executive Officer. “Brazos has successfully transformed into a substantial, free cash flow generating business despite significant industry and macro challenges. This transformation is a direct result of our team’s financial discipline, the scale of our platform and the quality of our producer customer base.”

Iles added, “We are thankful for our majority owner, Morgan Stanley Infrastructure Partners, and their continued support. Together, we have positioned this business for prudent, long-term ownership and to capitalize on future growth in the Delaware Basin.”

Advisors

The transaction was underwritten and arranged by a Barclays-led bookrunner group including Jefferies Finance LLC, Bank of Oklahoma Securities and with Cadence Bank as structuring advisor.

About Brazos Midstream

Headquartered in Fort Worth, Texas, Brazos is one of the largest private natural gas and crude oil midstream companies in the Permian Basin. The Company’s Delaware Basin assets are located in Reeves, Ward, Loving, Winkler, and Pecos counties in West Texas and include approximately 865 miles of intrastate natural gas, NGL, and crude oil gathering pipelines, a natural gas processing complex with 460 MMcf/d of processing capacity and approximately 75,000 barrels of crude oil storage. Brazos serves leading major and independent oil and gas producers, which together have made long-term dedications of over 540,000 acres. For more information, please visit brazosmidstream.com.

Contacts

Media Contact:

Meggan Morrison
Redbird Communications Group
meggan@redbirdpr.com