Gibson Energy Inc. Announces Re-Pricing and Amendment to Existing Credit Facilities

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 24, 2012 /CNW/ - Gibson Energy Inc. (\"Gibson\" or the\n \"Company\") (TSX: GEI) today announced that Gibson Energy ULC, Gibson's\n wholly owned subsidiary, has replaced and re-priced its existing Term\n Loan B and expanded its revolving credit facility, all through an\n amendment of its existing credit agreement. Among other amendments, the\n Company's existing U.S.$645 million Term Loan B has been replaced with\n a U.S.$650 million Tranche B Term Loan and has been re-priced to\n reflect a decrease in the interest rate from LIBOR plus 4.5% to LIBOR\n plus 3.75% and a decrease in the LIBOR Floor from 1.25% to 1%.  Also,\n Gibson's existing U.S.$275 million revolving credit facility has been\n expanded by U.S.$100 million to U.S.$375 million.\n\n\nAbout Gibson\nGibson is one of the largest independent midstream energy companies in\n Canada and a major participant in the crude oil transportation business\n in the United States, and is engaged in the movement, storage,\n blending, processing, marketing and distribution of crude oil,\n condensate, natural gas liquids, and refined products.  Gibson\n transports hydrocarbons by utilizing its integrated network of\n terminals, pipelines, storage tanks, and truck fleet located throughout\n western Canada and the United States.  Gibson is also involved in the\n processing, blending and marketing of hydrocarbons, provision of water\n disposal and oilfield waste management services and is the second\n largest retail propane distribution company in Canada.\n\n\n Ken Hall Vice President Investor Relations and Communications (403) [email protected] \n","length":1848,"tagName":"div"}]

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