Denver-based DCP Midstream LLC has closed on a four-year, $800-million credit facility, increasing the company's total credit capacity to $1.25 billion.
"Closing on this credit facility is very exciting for us," says Rose M. Robeson, group vice president and chief financial officer of DCP Midstream. "This new facility significantly increases our liquidity and provides us with greater flexibility in how we manage our business and execute on our growth plans."
The new facility, which runs through March 2015, replaces a $350-million facility that was due to mature in April 2012. DCP Midstream also has a $450-million credit facility maturing in April 2012.
DCP Midstream leads the midstream segment as one of the nation's top three largest natural gas gatherers and processors, and the largest natural gas liquids producer and one of the largest marketers in the U.S. DCP Midstream is an equally owned joint venture between Spectra Energy and ConocoPhillips.
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