kinder morgan inc (KMI) Key Developments
Kinder Morgan, Inc. Enters into Bridge Credit Agreement
Sep 25 14
Kinder Morgan, Inc., as borrower, entered into a Bridge Credit Agreement with the lenders and Barclays Bank PLC, as administrative agent. The Bridge Facility provides for an up to $5.0 billion term loan facility which will mature 364 days following the closing date. The obligations of the lenders to provide loans under the Bridge Facility are subject to a number of conditions, including, without limitation, consummation of the Proposed Transactions substantially concurrently with the borrowing of funds under the Bridge Facility (as long as such consummation does not occur pursuant to any waivers or amendments to the merger agreements governing the Proposed Transactions that are materially adverse to the interest of the lenders). Further, KMI and its subsidiaries are not subject to the financial and other covenants referred to below until such conditions are satisfied. KMI may use borrowings under the Bridge Facility to pay cash consideration and transaction costs associated with its proposed acquisitions, directly or indirectly through one or more subsidiaries, of all of the outstanding equity interests of Kinder Morgan Management, LLC (‘KMR’), Kinder Morgan Energy Partners, L.P. (‘KMP’) and El Paso Pipeline Partners, L.P. (‘EPB’) that KMI does not currently own, directly or indirectly (the ‘Proposed Transactions’). KMI also may use a portion of the borrowings under the Bridge Facility to refinance term loan facility indebtedness outstanding under the existing Credit Agreement, dated as of May 6, 2014, by and among KMI, the lenders party thereto from time to time, Barclays, as administrative agent and collateral agent, and the other parties thereto (‘KMI’s Existing Credit Agreement’). Interest on borrowings under the Bridge Facility will initially be calculated based on either (a) LIBOR plus an applicable margin ranging from 1.250% to 1.750% per annum based on the credit rating of KMI’s senior unsecured non-credit enhanced long term indebtedness for borrowed money (‘KMI’s Credit Rating’) or (b) the great of (1) the Federal Funds Effective Rate in effect on such day plus ½ of 1%, (2) the Prime Rate in effect for such day, and (3) the LIBOR Rate for a Eurodollar Loan with a one month interest period that begins on such day plus 1%, plus, in each case an applicable margin ranging from 0.250% to 0.750% per annum based on KMI’s Credit Rating. In addition, in each case the applicable margin will increase by 0.25% for each 90 day period that any loans remain outstanding under the Bridge Facility.
Kinder Morgan, Inc. Presents at Barclays CEO Energy-Power Conference, Sep-02-2014 through Sep-04-2014
Aug 30 14
Kinder Morgan, Inc. Presents at Barclays CEO Energy-Power Conference, Sep-02-2014 through Sep-04-2014. Venue: The Sheraton NY Hotel & Towers, 811 Seventh Ave, New York City, NY 10019, United States. Presentation Date(s): Sep-02-2014. Sep-03-2014.
KMI Seeks Acquisitions
Aug 11 14
Kinder Morgan, Inc. (NYSE:KMI) is seeking acquisitions. Rich Kinder, Chief Executive Officer of KMI said, “Kinder Morgan Inc. as a combined company would be able to make sizable acquisitions in the natural gas and crude oil pipeline and processing sector.” The company would not stray from its core business and start buying “truck lines and railroads,” he added.
El Paso Pipeline Partners, L.P., Kinder Morgan Energy Partners, L.P., Kinder Morgan Management LLC, Kinder Morgan, Inc. - M&A Call
Aug 10 14
To acquire all of the outstanding equity securities of Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, LLC and El Paso Pipeline Partners, L.P
Kinder Morgan, Inc. Provides Dividend Guidance for the Year 2015
Aug 10 14
Kinder Morgan, Inc. provided dividend guidance for the year 2015. For the year, the company expects dividend of $2.00 in 2015, a 16% increase over the anticipated 2014 dividend of $1.72. The company expects to grow the dividend by approximately 10% each year from 2015 through 2020.