Attached files
Exhibit
99.1
 |
N e
w s R e l e a s
e
QUICKSILVER GAS SERVICES
LP
777
West Rosedale Street
Fort
Worth, TX 76104
www.kgslp.com
|
Quicksilver Gas Services
LP’s Credit Facility Increased to $320 Million
FORT WORTH, TEXAS, (October 22,
2009) – 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
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NEWS
RELEASE
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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.
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Investor
and Media Contact:
Rick
Buterbaugh
817-665-4835
KGS
09-10
-end-