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Inter Pipeline announces new measures to enhance financial flexibility

CALGARY – Inter Pipeline Ltd. (“Inter Pipeline”) (TSX: IPL) announced today that it has entered into a new $1 billion unsecured revolving credit facility (the “Facility”) with a syndicate of key lenders. The Facility is available for general corporate purposes and provides Inter Pipeline with increased financial flexibility and access to additional financial resources should it be required. The Facility has an initial term of 16-months and other terms and conditions, including financial covenants, are substantially similar with Inter Pipeline’s existing $1.5 billion revolving credit facility that matures in December 2024.

Inter Pipeline has also extended the maturity date of its drawn $500 million term loan facility by two-years to August 2022.

“In the current challenging market environment, driven by an unprecedented decline in global energy prices and the COVID-19 pandemic, it is critical we maintain financial flexibility to fund our ongoing business activities,” said Brent Heagy, Inter Pipeline’s Chief Financial Officer. “With the continued support of our banking group, Inter Pipeline now has $2.2 billion of available capacity on its existing revolving credit facilities and is well positioned to refinance any near-term debt obligations in the event of a prolonged capital market disruption.”

As a result of these financial measures, Inter Pipeline’s debt maturities in 2020 have been significantly reduced, with $500 million of medium-term notes maturing this year.

About Inter Pipeline Ltd.

Inter Pipeline is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and Europe. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL.

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