Enron subsidiary Eott Energy Partners, a lease crude purchaser and marketer of crude oil, is seeking a new $300 million revolving credit facility that includes letters of credit to replace a line provided by Enron. Susan Ralph, treasurer, explained the Enron line is $1 billion, but the company does not need a facility of that size. She declined comment on how the market is responding to Enron-related credits and would not name the banks leading the deal. One banker said ING Barings is the lead, though Ralph would only confirm it is one of the banks participating.
The plan to replace the Enron line with an independent facility has been in the works for some time, she noted, and is unrelated to the present situation surrounding the parent. She declined comment on the reasons for the switch slated to be completed by year-end, and would not disclose the pricing on the new or old lines. Officials at ING's loan syndication team did not return calls.