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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

EPIC Crude Completes Issuance of New $1,200 Million Senior Secured Term Loan B

EPIC Crude Holdings, LP (“EPIC Crude” or “the Company”) today announced that it has completed the issuance of a new $1,200 million senior secured Term Loan B due 2031. The Company used the net proceeds from the Term Loan to repay its existing $1,125 million Term Loan B and Term Loan C due 2026 and repay its existing $40 million senior secured revolver due 2026. As part of the transaction, the Company entered into a new agreement for a super-priority revolving credit facility of $125 million due 2029, undrawn at close. 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 $25 million in interest expense on an annual basis.

“EPIC Crude has continued to transform its business on the heels of the recent transaction with our Partners, Diamondback Energy, Inc. (NASDAQ: FANG) and Kinetik Holdings Inc (NYSE: KNTK). 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.”

About EPIC Crude Holdings, LP

EPIC Crude was formed in 2017 to build and operate the EPIC Crude Oil Pipeline, a 700-mile, 30” crude oil pipeline that extends from Orla, Texas to the Port of Corpus Christi and services the Midland, Delaware and Eagle Ford basins. The Crude Oil Pipeline is currently operating at a capacity of greater than 600,000 barrels per day (bpd), expandable to 1,000,000 bpd, and has total operational storage of approximately 6,800,000 barrels. EPIC Crude includes terminals in Orla, Pecos, Saragosa, Crane, Wink, Midland, Helena and Gardendale, with Port of Corpus Christi connectivity and export access. EPIC Crude is backed by capital commitments from funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES) as well as additional equity ownership by Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) and Kinetik Holdings, Inc. (NYSE: KNTK) (“Kinetik”). For more information, visit www.epicmid.com.

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