Examples of Magellan OLP in a sentence
Magellan GP, Inc., a Delaware corporation, is the general partner of Magellan OLP.
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.
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.
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.
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.
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”).
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.
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.