EPIC’s First Sustainability-Linked Loan and Recently Released Sustainability Report Demonstrate Its Commitment To A Sustainable Future
HOUSTON, TX – October 19, 2022 – EPIC Propane Pipeline, LP (“EPIC” or “the Company”) has closed on an amendment and extension of its Term Loan with Riverstone Credit Partners LLC that will mature in September 2026. The Term Loan was converted to a sustainability-linked loan, which highlights EPIC’s continued commitment to a sustainable future. The proceeds were used to refinance existing debt and for general corporate purposes.
The Term Loan has received a Second Party Opinion from Sustainable Fitch (the “SPO”) confirming it has been structured in line with the LSTA Sustainability-Linked Loan Principles. The sustainability performance target aims to reduce releases by 25% compared to the baseline across the Company and affiliated entities EPIC Crude and EPIC Y-Grade.
The EPIC asset portfolio includes 1,695 miles of pipeline that is monitored around the clock by a fiber-optic leak detection system. EPIC’s fiber optic-based supervisory control and data acquisition (SCADA) and communications combined with distributed acoustic systems (DAS) intrusion and leak detection technology enhances pipeline safety and efficient operations throughout the life of EPIC’s pipeline systems. Fiber optics technology enables quick delivery of data for operational decision-making and helps prevent or dramatically reduce the effects of a pipeline incident by transmitting key information in real time.
“EPIC operates its assets with a focus on protecting the environment while providing a safe and reliable transport service to ensure access to energy for the entire world,” said Brian Freed, the Company’s Chief Executive Officer. “The bond offering highlights our continued focus on sustainability efforts.”
About EPIC Midstream Holdings, LP
EPIC was formed in 2017 to build, own and operate midstream infrastructure in the Delaware, Midland, and Eagle Ford basins. EPIC’s Crude Oil Pipeline and NGL Pipeline each span approximately 700 miles and transport crude and natural gas liquids for delivery from the Permian and Eagle Ford basins into the Corpus Christi market. The Crude Oil Pipeline connects to EPIC’s Robstown terminal for redeliveries to the EPIC Marine Terminal, third-party export terminals and local refineries. EPIC’s NGL Pipeline has connectivity to EPIC’s 170,000 barrel per day nameplate capacity fractionation complex in Robstown, Texas and third-party fractionation and storage facilities near Sweeny, Texas. EPIC owns and operates several purity pipelines that deliver purity products to Gulf Coast refiners, petrochemical companies, and export markets. EPIC’s Propane Pipeline spans approximately 140 miles and delivers propane product to third party storage facilities near Clemens, Texas. EPIC’s Olefins Pipeline transports ethylene from a third-party petrochemical facility near Gregory, Texas to third party storage facilities near Markham, Texas. For more information, visit www.epicmid.com.
EPIC Midstream Holdings, LP
Corporate Communications Director