Midcoast Energy Holdings, which is backed by ArcLight Capital Partners, has closed a $830 million refinancing with a consortium of Korean lenders and investors. The refinancing involves a Midcoast Energy subsidiary that indirectly has a 35 percent stake in the Texas Express Pipeline, a natural gas liquids pipeline. Midcoast Energy will retain and control its stake in Texas Express.
HOUSTON, Jan. 6, 2020 /PRNewswire/ — Midcoast Energy Holdings, a portfolio company of an affiliate of ArcLight Capital Partners, has completed an $830 million refinancing with a consortium of Korean lenders and institutional investors. The refinancing involves a Midcoast Energy subsidiary that indirectly holds a 35% interest in the Texas Express Pipeline, a 594-mile, 20-inch natural gas liquids pipeline which begins in Skellytown, Texas and ends in Mt. Belvieu, Texas. Midcoast Energy will continue to own and control its 35% interest in Texas Express.
About Midcoast Energy, LLC
Midcoast Energy is a full-service natural gas and natural gas liquids (NGL) midstream business headquartered in Houston, Texas. Midcoast Energy has gathering and processing platforms operating in the Anadarko and East Texas supply basins of North America, an ownership interest in Texas Express Pipeline, and engages in the transporting and marketing of natural gas and natural gas liquids through its Logistics and Marketing segment. More information about Midcoast Energy can be found at www.midcoastenergy.com.
About ArcLight Capital Partners
ArcLight is one of the leading infrastructure firms focused on North American energy investments. Founded in 2001, the firm helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. ArcLight has invested approximately $22 billion in over 100 transactions since inception. Based in Boston, the firm’s investment team employs a hands-on value creation strategy that utilizes its in-house technical, operational, and commercial specialists as well as the firm’s 1,500-person asset management affiliate. More information about ArcLight, and a complete list of ArcLight’s portfolio companies, can be found at www.arclightcapital.com.