Kinetik successfully completes a full refinancing


HOUSTON and MIDLAND, Texas, June 08, 2022 (GLOBE NEWSWIRE) — Kinetik Holdings Inc. (NASDAQ: KNTK) (“Kinetic”) announced today that it has successfully completed its global refinancing (the “Refinancing”) consisting of a new five-year $1.25 billion unsecured Revolving Credit Facility (fully undrawn at closing), a new three-year $2.0 billion unsecured Term Loan A Facility and $1.0 billion 5.875% senior sustainability notes due 2030.

Following the Refinancing, Kinetik now has a fully unsecured capital structure. Kinetik used the net proceeds from the refinancing to repay and withdraw all existing consolidated credit facilities and will subsequently redeem its preferred Series A in full by the end of 2022.

Its subsidiary, Kinetik Holdings LP, today closed the previously announced offering of $1.0 billion of senior sustainability notes due 2030 (the “Senior Notes”). Senior Notes are fully and unconditionally guaranteed by Kinetik. The senior notes mature on June 15, 2030, bear interest at the rate of 5.875% per annum and are payable on June 15 and December 15 of each year. The first interest payment will be made on December 15, 2022.

100% of the Refinancing is tied to Kinetik’s performance against sustainability performance targets related to greenhouse gas and methane emissions intensity reduction targets and the representation of women in management positions. The goals are set out in Kinetik’s recently released Sustainability Funding Framework (the “Frame”). Kinetik published the framework on May 16, 2022 and obtained a second-party opinion on the framework from ISS ESG, both of which are available on the Kinetik website.

Finally, Kinetik’s Class A common stock will begin trading on the NASDAQ on a stock split-adjusted basis tomorrow, Thursday, June 9, 2022, consistent with its recent two-for-one stock split announcement. The stock split was accomplished by distributing one additional Class A common share for each outstanding Class A common share and one additional Class C common share for each outstanding Class C common share. The additional shares were issued today, Wednesday, June 8, 2022, to holders of record at the close of business on Tuesday, May 31, 2022.

“We are pleased to announce the completion of the full refinancing, as we believe it significantly improves and streamlines Kinetik’s capital structure with no structurally senior asset levels or debt, and reinforces our commitment to achieving Kinetik’s environmental and social sustainability performance goals,” said Jamie. Welch, President and CEO. “Furthermore, with the completion of the stock split, we are pleased to improve shareholder access to our shares and, in general, market liquidity.”

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or territory. The Offer has been made only by means of an offering memorandum.

About Kinetik Management Inc.

Kinetik is a fully integrated, pure-play, Permian to Gulf Coast Midsize C-Corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and processing services to companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik publishes announcements, operational updates, investor information and press releases on its website,

Forward-looking statements

This press release contains certain statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” seek”, “possible”, “potential”, “predict”, “project”, “prospects”, “directions”, “prospects”, “should”, “would”, “shall” and similar expressions can identify statements forward-looking, but the absence of such words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about Kinetik’s future plans, expectations and goals for Kinetik’s operations, including statements about strategy, synergies and future operations, the extent of future dividends estimates and the effects of the stock split. Although forward-looking statements are based on assumptions and analyzes made by us that we believe are reasonable under the circumstances, whether actual results and developments will meet our expectations and forecasts depends on a number of risks and uncertainties that could cause our actual results, performance and financial condition to differ materially from our expectations. See Part II, Section 1A. Risk Factors in our Quarterly Report on Form 10-Q for the period ending March 31, 2022. Any forward-looking statements we make in this press release speak only as of the date on which they are made. Factors or events that could cause our actual results to differ may arise from time to time and it is impossible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.


Kinetik Investors:
(713) 487-4832
Maddie Wagner


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