Completing the project-level financing for the Bakken pipeline provided Dakota Access, LLC with access to the remaining US$1.4 billion of cash proceeds under the previously announced US$2.5 billion project financing facility, which Dakota Access, LLC will use to fund construction costs for its pipeline project.
Upon closing of the sale of a minority interest in the Bakken pipeline to MarEn, ETP and SXL received US$1.2 billion and US$800 million in cash, respectively. The companies plan to use the proceeds to pay down debt and help fund current growth projects.
As a result of this closing, ownership in the Bakken pipeline is now as follows: ETP/SXL - 38.25%; MarEn - 36.75%; Phillips 66 - 25%. ETP and SXL own 60% and 40%, respectively, of the combined 38.25% equity interest in the Bakken pipeline.
