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Bracewell Represents Gray Oak Pipeline, LLC in $1.23 Billion Loan Facility

HOUSTON – Bracewell LLP represented Gray Oak Pipeline, LLC in a $1.23 billion delayed draw term loan credit facility, in connection with the construction of the Gray Oak Pipeline, an 850 mile crude oil pipeline from the Permian Basin to the Gulf Coast. 

The Gray Oak Pipeline system will transport crude oil from West Texas to the Corpus Christi, Sweeny and Freeport markets. Based on results of a second open season, the Gray Oak Pipeline could deliver crude oil of up to 700,000 barrels per day or more from the Permian Basin to downstream markets. The Gray Oak Pipeline will be linked in Corpus Christi to the new South Texas Gateway Terminal, the deep-water marine storage terminal positioned to serve as the primary outlet for crude oil delivered off of the planned pipeline.

Gray Oak Pipeline, LLC is a joint venture among Philips 66 Partners LP, Marathon Petroleum Corporation, Enbridge Inc. and Rattler Midstream LP.

Bracewell lawyers involved in the transaction included:

Partners: Heather L. Brown, Thomas M. Tomlinson, Timothy A. Wilkins, Michele J. Alexander and Robin J. Miles

Associates: Kenni E. Callahan and Ryan Davis