Traverse finalizes $1.25 billion term loan B at par issue price

By Sara Rosenberg

New York, Jan. 25 – Traverse Midstream Partners LLC set the issue price on its $1.245 billion term loan B due February 2028 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 350 basis points with a 0.5% floor.

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

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to reprice the company’s existing term loan B down from SOFR+10 bps CSA plus 375 bps with a 0.5% floor.

Traverse was formed in June 2014 by the Energy & Minerals Group to build a portfolio of non-operated midstream assets, and is an equity owner of Rover Pipeline and Ohio River System midstream assets.

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