Midstream provider Lucid Energy Group announced that the company has completed the refinancing and expansion of its two senior revolving credit facilities. The additional financing will be used to support Lucid’s growth strategies in the Midland and Delaware basins. Based in Dallas, Lucid is backed by more than $860 million in growth capital commitments from EnCap Flatrock Midstream. Lucid is the largest privately held natural gas processor working in the Permian Basin with more than 660 million cubic feet of natural gas processing capacity and pipeline assets exceeding 3,300 miles in operation. The new credit facilities bring Lucid’s total financing to more than $1.45 billion.

Wells Fargo served as sole bookrunner, administrative agent and joint lead arranger alongside Cadence Bank in a $235 million facility supporting Lucid’s operations in the Midland Basin. Wells Fargo was the sole lead arranger and sole bookrunner with Cadence Bank and BBVA Compass serving as co-syndication agents in a $350 million facility supporting Lucid’s operations in the Delaware Basin.

Locke Lord LLP served as counsel to Lucid with Tammi Niven leading the firm’s legal team from its Houston office. Vinson & Elkins LLP, led by Erec Winandy, a partner in the firm’s Dallas office, represented Wells Fargo as the administrative agent for a syndicate of 13 banks.

“We are pleased to have the continued support of our bank group,” said Lucid Executive Vice President and Chief Financial Officer Ryan Moss. “This expanded financing, along with the addition of new banks to the syndicate, further strengthens our ability to provide our customers with critical support for their development efforts in the Permian Basin.”