SemGroup has secured a new $600 million credit facility that may help lower the company’s interest expense by about 50%. The new facility is made up of a five-year $325 million revolving line of credit, a five-year $75 million term loan A and a seven-year $200 million term loan B.

The proceeds will be used to repay outstanding balance and associated fees from the SemGroup’s previous credit facilities and for general corporate purposes. Royal Bank of Scotland was the book runner, administrative agent and collateral agent. RBS Securities, Citigroup Global Markets, BNP Paribas Securities, Barclays Capital, Deutsche Bank and Scotia Capital were the joint lead managers.

Click here for the release from SemGroup.