CorEnergy Infrastructure Trust Inc. closed on a new $30 million senior secured revolving credit facility with Regions Bank, the company announced Sept. 30. The new four-year credit facility will replace CorEnergy’s current $20 million revolving credit facility with KeyBank, which was scheduled to mature in May 2016.

The new credit facility is scheduled to mature on Sept. 26, 2018. Borrowings under the credit facility will bear interest on the outstanding principal amount at an initial rate of LIBOR plus 4% for the first six months. After that, a pricing grid will be used to determine the interest rate. Beginning on March 26, 2015, the interest rate as determined by the pricing grid is expected to be LIBOR plus 3.25% to 4%.

CorEnergy management expects to use the credit facility to fund property acquisitions, capital improvements and for other permitted corporate purposes. It is expected that the Portland Terminal Facility will qualify as eligible collateral under the facility.

The credit facility was arranged by Regions Bank, which is acting as administrative agent and initial lender, and Regions Bank Capital Markets as lead arranger and sole bookrunner.