Monroe Gas Storage Company, LLC (MGS), a joint venture of Foothills Energy Ventures, LLC and High Sierra Energy, LP, announces the close of its $130 Million debt financing for the Monroe Gas Storage facility, located near Amory, Mississippi. Fortis Capital Corporation was the sole lead arranger, ING Capital LLC acted as syndication agent, and U.S. Bank National Association was the documentation agent on the fully committed financing. Caterpillar Financial Services Corporation, COBank ACB, Guaranty Bank and Trust Company and RZB Finance LLC joined the deal as managing agents. On June 11, MGS also received its FERC Notice to Proceed and began construction on the facility.
"We are very excited to have our financing closed and to begin construction," said Brian Bierbach, President and CEO of Foothills Energy Ventures, LLC. "We fully anticipate being commercially operational beginning next April. The team at Fortis Capital Corporation did an excellent job, and we would like to thank them for all their hard work," commented Bierbach.
The Monroe Gas Storage facility is expected to be in-service in April 2009, and will have interconnections to both Texas Eastern Transmission Company (TETCO) in the M1 market zone, and Tennessee Gas Pipeline (TGP) in the 500 Leg in Zone 1.
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