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Simpson Thacher represented Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in connection with the formation of a new entity, Veresen Midstream Limited Partnership, which will be owned equally by Veresen, Inc. and affiliates of KKR. Veresen Midstream has entered into definitive agreements to acquire certain natural gas gathering and compression assets supporting Montney development in British Columbia from Encana Corporation (“Encana”) and the Cutbank Ridge Partnership (“CRP”). Veresen Midstream has also agreed to undertake up to $5 billion of new midstream expansion for Encana and CRP in the Montney region under a 30-year fee-for-service arrangement.

Simpson Thacher also represented Veresen Midstream in arranging committed senior secured financing for the acquisition and expansion projects from a syndicate of banks led by RBC Capital Markets, TD Securities and HSBC Bank Canada, including a $600 million Term Loan B, a $1.275 billion non-revolving expansion facility and a $75 million revolving credit facility.

The Simpson Thacher team included Brian Steinhardt, Jim Doyle, Ashley Belton and Andrew Edelen (Banking & Credit); and Andrew Smith, Shalini May and Chi Pan (M&A).