Traverse Midstream to launch $1.28 billion term loan B on Tuesday

By Sara Rosenberg

New York, Feb. 6 – Traverse Midstream Partners LLC is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch a $1.28 billion five-year term loan B (B2), according to a market source.

JPMorgan Chase Bank is the lead on the deal.

Price talk on the term loan is SOFR+10 basis points CSA plus 400 bps with a 0.5% floor and an original issue discount of 98.5 to 99, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Friday, the source added.

Proceeds will be used to repay an existing term loan B, repay borrowings under a super senior revolving credit facility and to pay transaction fees and expenses.

Traverse was formed in June 2014 by the Energy & Minerals Group to build a portfolio of non-operated midstream assets.

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