EIG launches $220 million loan at Libor plus 400-425 bps at 99.5; commitments due Feb. 1

By Paul A. Harris

Portland, Ore., Jan. 22 – EIG Management Co. LLC launched a $220 million term loan at Libor plus 400 basis points to 425 bps atop a 1% Libor floor at 99.5 during a Monday bank meeting, a market source said.

The deal comes with 101 soft call protection for six months.

Commitments are due on Feb. 1.

J.P. Morgan Securities LLC is the lead.

The Washington, D.C.-based financial services provider plans to use the proceeds to refinance its existing term loan and to provide funding for a joint venture with Philadelphia-based asset manager FS Energy and Power Fund.

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