FORT WORTH, TX -- (Marketwire) -- 10/22/09 -- Quicksilver Gas Services LP (NYSE: KGS)
announced that its bank group has increased the company's senior secured
revolving credit facility to $320 million. Bank of America Merrill Lynch
led the group of 12 existing and new lenders that amended the credit
facility, including an increase to the pricing grid of 175 basis points.
"The expansion of our credit facility is a testament to the bank group's
confidence in the future of our company," said Toby Darden, Quicksilver Gas
Services' president and chief executive officer. "We believe that this
increased facility provides sufficient capacity for the company to continue
to grow organically and opportunistically through selective acquisitions."
The credit facility permits the future expansion up to $350 million,
subject to consents and additional commitments. The credit facility, which
matures August 10, 2012, can be extended up to two additional years with
consenting lenders. As of September 30, 2009 and accounting for the credit
facility increase, the company has approximately $113 million available to
be drawn under the credit facility.
About Quicksilver Gas Services
Quicksilver Gas Services LP is a midstream master limited partnership
engaged in the business of gathering and processing natural gas produced
from the Barnett Shale formation in the Fort Worth Basin in north Texas.
Headquartered in Fort Worth, the company's predecessors began operations in
2004 to provide midstream services primarily to Quicksilver Resources Inc.
For more information about Quicksilver Gas Services, visit www.kgslp.com.
Forward-Looking Statements
The statements in this news release regarding future events, occurrences,
circumstances, activities, performance, outcomes and results are
forward-looking statements. Although these statements reflect the current
views, assumptions and expectations of Quicksilver Gas Services LP's
management, the matters addressed herein are subject to numerous risks and
uncertainties, which could cause actual activities, performance, outcomes
and results to differ materially from those indicated. Factors that could
result in such differences or otherwise materially affect Quicksilver Gas
Services LP's financial condition, results of operations and cash flows
include: changes in general economic conditions; fluctuations in natural
gas prices; failure or delays in Quicksilver Resources Inc. and third
parties achieving expected production from natural gas projects;
competitive conditions in our industry; actions taken or non-performance by
third parties, including suppliers, contractors, operators, processors,
transporters and customers; fluctuations in the value of certain of our
assets and liabilities; changes in the availability and cost of capital;
operating hazards, natural disasters, weather-related delays, casualty
losses and other matters beyond our control; construction costs or capital
expenditures exceeding estimated or budgeted amounts; the effects of
existing and future laws and governmental regulations; and the effects of
current and future litigation; as well as other factors disclosed in
Quicksilver Gas Services LP's filings with the Securities and Exchange
Commission. Except as required by law, we do not intend to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
KGS 09-10
