ArcLight NGPL launches $464.5 million term loan at SOFR plus 350 bps

By Sara Rosenberg

New York, Sept. 19 – ArcLight NGPL Holdings LLC (AL NGPL Holdings LLC) was scheduled to hold a lender call at 11:30 a.m. ET on Tuesday to launch a roughly $464.54 million senior secured term loan B due April 15, 2028 (Ba3/B+) that is talked at SOFR plus 350 basis points with a 1% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and no credit spread adjustment, the source said.

Barclays is the left bookrunner and administrative agent on the deal.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B due April 2028 down from SOFR+CSA plus 375 bps with a 1% floor. CSA on the existing loan is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

NGPL is a FERC-regulated natural gas pipeline system.

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