CALGARY, May 9, 2012 /CNW/ - Gibson Energy Inc. ("Gibson" or the
"Company"), TSX: GEI, announced that Gibson Energy ULC, Gibson's wholly
owned subsidiary, intends to re-price its existing U.S.$650 million
Term Loan B and expand its revolving credit facilities from U.S.$275
million to up to U.S.$375 million, all through an amendment of its
existing credit agreement. "The proposed amendments to our credit
agreement will provide Gibson with greater financial flexibility going
forward," said Richard Taylor, Gibson's Chief Financial Officer. "Our
balance sheet remains strong and the proposed changes to our debt
capacity will enhance our ability to fund future growth opportunities."
The transaction is expected to be completed before the end of the second
quarter.
About Gibson
Gibson is one of the largest independent midstream energy companies in
Canada and a major participant in the crude oil transportation business
in the United States, and is engaged in the movement, storage,
blending, processing, marketing and distribution of crude oil,
condensate, natural gas liquids, and refined products. Gibson
transports hydrocarbons by utilizing its integrated network of
terminals, pipelines, storage tanks, and truck fleet located throughout
western Canada and the United States. Gibson is also involved in the
processing, blending and marketing of hydrocarbons, provision of water
disposal and oilfield waste management services and is the second
largest retail propane distribution company in Canada.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements") including but not limited to the
amendment of GE ULC's current credit facilities. These statements
relate to future events or the Company's future performance. All
statements other than statements of historical fact are forward-looking
statements. The use of any of the words ''anticipate'', ''plan'',
''contemplate'', ''continue'', ''estimate'', ''expect'', ''intend'',
''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'',
''should'', ''could'', ''would'', ''believe'', ''predict'',
''forecast'', ''pursue'', ''potential'' and ''capable'' and similar
expressions are intended to identify forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking statements. No assurance
can be given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not be
unduly relied upon. These statements speak only as of the date of this
news release. In addition, this news release may contain
forward-looking statements and forward-looking information attributed
to third party industry sources. The Company does not undertake any
obligations to publicly update or revise any forward looking statements
except as required by securities law. Actual results could differ
materially from those anticipated in these forward-looking statements
as a result of numerous risks and uncertainties including, but not
limited to, the risks and uncertainties described in "Forward-Looking
Statements" and "Risk Factors" included in the Company's Annual
Information Form dated March 6, 2012 as filed on SEDAR and available on
the Gibson website at www.gibsons.com.