This refinancing is a key component of the overall transformation of the EPIC Crude business and is reflected in the Company’s Ba3 and BB- credit ratings from Moody’s and S&P, respectively. With the refinancing, EPIC Crude expects to save more than US$25 million in interest expense on an annual basis.
EPIC Crude was formed in 2017 to build and operate the EPIC Crude Oil Pipeline, a 700 mile, 30 in. crude oil pipeline that extends from Orla, Texas to the Port of Corpus Christi and services the Midland, Delaware and Eagle Ford basins.
“EPIC Crude has continued to transform its business on the heels of the recent transaction with our Partners, Diamondback Energy, Inc. and Kinetik Holdings Inc. This refinancing continues to build upon our success by providing additional financial strength and affirms the market support for our team, our strategy, and our execution,” said Brian Freed, Chief Executive Officer of EPIC. “We have created a strategic crude position focused on the Permian and Corpus Christi markets with extensive downstream and export optionality. We could not be positioned any better with our focus now turning toward our potential expansion project.”
