Goodnight launches $400 million term loan at SOFR plus 625-650 bps

By Sara Rosenberg

New York, Jan. 31 – Goodnight Midstream (Goodnight Water Solutions LLC) launched on Monday its $400 million five-year term loan B (B3/B) with price talk of SOFR+CSA plus 625 basis points to 650 bps with a 1% floor and an original issue discount of 98 to 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has hard call protection of 102 in year one and 101 in year two, and a 1.1x debt service coverage covenant.

Amortization is 1% in year one and 5% per annum thereafter, stepping down to 1% if consolidated net leverage is 3.5x.

Security is a first priority lien on all assets of the borrower and guarantors, including all material real estate owned and equity interests.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Commitments are due at 5 p.m. ET on Feb. 10.

Proceeds will be used to refinance existing debt.

Goodnight Midstream is a Dallas-based produced water midstream company, which owns and operates critical produced water infrastructure for oil production in the Bakken, Permian and Eagle Ford Basins.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.