Inter Pipeline enters $1b loan

Canadian Inter Pipeline has entered a new $1 billion unsecured revolving credit facility with a syndicate of key lenders.

The new measures aim to enhance financial flexibility for Inter Pipeline and allow access to additional financial resources, should it be required.

The loan has an initial term of 16 months with other terms and conditions – including financial covenants – substantially similar with Inter Pipeline’s pre-existing $1.5 billion revolving credit facility that matures in December 2024

Additionally, Inter Pipeline has extended the maturity date of its drawn $500 million term loan facility by two-years to August 2022.

Inter Pipeline Chief Financial Officer Brent Heagy said the current challenging market environment, driven by the COVID-19 pandemic, means it is critical the business maintains financial flexibility to maintain its ongoing activities.

“With the continued support of our banking group, Inter Pipeline now has $2.2 billion of available capacity on its existing revolving credit facilities and is well positioned to refinance any near-term debt obligations in the event of a prolonged capital market disruption,” said Mr Heagy.

As a result of these new financial measures, the company’s debt maturities in 2020 have been significantly reduced with $500 million of medium-term notes maturing at the end of the year.

For more information visit the Inter Pipeline website.

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