EOTT Energy Partners has inked an interim $150 million letter of credit agreement with Standard Chartered, as the firm attempts to forge its own credit lines independent of Enron. Enron owns a minority position in EOTT, but has also provided the company with a $1 billion credit line, explained Wade Gates, a spokesman for EOTT. The lease crude purchaser of oil has been seeking a new $300 million revolver for some time, and the decision is unrelated to the developing Enron situation, according to Susan Ralph, treasurer (LMW, 11/19).
The interim credit facility and ultimately a long-term credit facility, replaces previous financing provided through Enron, he said. Gates declined to name the other institutions planning to provide the new line, though ING Barings is believed to be one of the planned syndicate.