Magellan OLP definition
Examples of Magellan OLP in a sentence
Magellan GP, Inc., a Delaware corporation, is the general partner of Magellan OLP.
Prior to August 2003, Magellan OLP had a $175.0 million credit facility, which was comprised of a $90.0 million term loan and an $85.0 million revolving credit facility.
Borrowings under the credit facility carried an interest rate equal to the Eurodollar rate plus a spread from 1.0% to 1.5%, depending on the leverage ratio of Magellan OLP.
This facility, which replaces the term loan and revolving credit facility of Magellan OLP, L.P. (“Magellan OLP”, formerly Williams OLP L.P., a subsidiary of the Partnership), is comprised of a $90.0 million term loan and an $85.0 million revolving credit facility.
This facility, which replaced the term loan and revolving credit facility of Magellan OLP, L.P. (“Magellan OLP”), formerly Williams OLP L.P., a subsidiary of the Partnership, is comprised of a $90.0 million term loan and an $85.0 million revolving credit facility of which $10.0 million is available for letters of credit.
Of the proceeds from this second borrowing, $58.0 million was used to repay outstanding borrowings under the Magellan OLP term loan and revolving credit facility and $2.0 million was used for general corporate purposes.
At July 31, 2003, borrowings under the credit facility carried an interest rate equal to the Eurodollar rate plus a spread from 1.0% to 1.5%, depending on the leverage ratio of Magellan OLP, L.P. (“OLP”), a subsidiary of the Partnership and formerly known as Williams OLP, L.P. Interest was also assessed on the unused portion of the credit facility at a rate from 0.2% to 0.4%, depending on the OLP’s leverage ratio.
Copano Double Eagle LLC, a Restricted Subsidiary of the Borrower, has entered into a joint venture agreement with Magellan OLP, L.P., an affiliate of Magellan Midstream Partners, L.P. (the “Magellan JV”), pursuant to which it is intended that certain Collateral currently subject to a Lien in favor of Administrative Agent securing the Obligations would be leased to, or occupancy rights granted to (collectively, the “Lease”), the Magellan JV (the “Subject Collateral”).