Kinetik Holdings Inc. announced that it has successfully completed its comprehensive refinancing consisting of a new, five-year $1.25 billion unsecured revolving credit facility (fully undrawn at close), a new, three-year $2.0 billion unsecured term loan A facility and $1.0 billion 5.875% sustainability-linked senior notes due 2030. Following the Refinancing, Kinetik now has a fully unsecured capital structure. Kinetik used the net proceeds from the Refinancing to repay and retire all existing consolidated debt facilities and will subsequently redeem its Series A Preferred in full by year end 2022.

Its subsidiary, Kinetik Holdings LP, has closed the previously announced offering of $1.0 billion sustainability-linked senior notes due 2030 (the “Senior Notes”). The Senior Notes are fully and unconditionally guaranteed by Kinetik. The Senior Notes mature on June 15, 2030, pay interest at the rate of 5.875% per year and are payable on June 15 and December 15 of each year.

The first interest payment will be made on December 15, 2022. The entire Refinancing is linked to Kinetik's performance against sustainability performance targets related to greenhouse gas and methane emissions intensity reduction targets and the representation of women in corporate officer positions. The targets are set in Kinetik's recently published Sustainability-Linked Financing Framework (the “Framework”).

Kinetik published the Framework on May 16, 2022 and obtained a second party opinion on the Framework from ISS ESG, both of which are available on Kinetik's website.