Cadeville Gas Storage LLC Closes $115 Million Financing
HOUSTON, May 1, 2012 /PRNewswire/ -- Cadeville Gas Storage LLC ("Cadeville"), a wholly-owned subsidiary of Cardinal Gas Storage Partners LLC ("Cardinal"), announced today that on April 19, 2012 it closed the debt financing for the construction of a 17 MMDth depleted reservoir natural gas storage facility in Ouachita Parish, Louisiana near the Perryville/Delhi Hub in northeast Louisiana. SunTrust Robinson Humphrey, RBC Capital Markets, CIT Capital Securities, Deutsche Bank Trust Company Americas and Caterpillar Financial Services Corporation participated in the $115 million construction and term loan agreement. Cadeville previously executed a 10 year precedent agreement with a major integrated oil and gas company to anchor the project, which is expected to be in service in 2013.
"This marks the third successful project financing for Cardinal, and we are pleased to have added three highly respected lenders to our growing list of relationship lenders," said Jeff Ballew, Cardinal CEO. "Cadeville further affirms the need for additional natural gas storage capacity in strategic locations, such as North Louisiana. Cadeville is a perfect complement to Perryville Gas Storage, our salt dome project under construction near Delhi. With both projects, Cardinal is positioned to provide a diverse suite of storage services in and around the Perryville/Delhi Hub."
Cardinal is a joint venture between Redbird Gas Storage LLC ("Redbird") and funds controlled by Energy Capital Partners, LLC ("ECP"). Since its inception in 2008, Cardinal has been focused on the development, construction, operation and management of natural gas storage facilities throughout North America. Cardinal also owns Perryville Gas Storage LLC, Arcadia Gas Storage LLC and Monroe Gas Storage Company LLC and is in the process of developing additional natural gas storage infrastructure in North America. For more information, visit www.cardinalgs.com.
About Redbird Gas Storage LLC
Redbird is a joint venture formed by Martin Resource Management Corporation and Martin Midstream Partners L.P. (NASDAQ: MMLP) to invest in natural gas storage related opportunities through its ownership interests in Cardinal.
About Energy Capital Partners
Energy Capital Partners is a private equity firm with offices in Short Hills, New Jersey and San Diego, California. ECP is focused on investing in the power generation, electric transmission, midstream gas and renewable energy sectors of North America’s energy infrastructure. The fund’s management has substantial experience leading successful energy companies and energy infrastructure investments. For more information, visit www.ecpartners.com.
SOURCE Cardinal Gas Storage Partners LLCBack to top