ArcLight GCX flexes $630 million term loan B to SOFR plus 375 bps

By Sara Rosenberg

New York, April 21 – ArcLight GCX (AL GCX Holdings LLC) reduced pricing on its $630 million seven-year senior secured term loan B (Ba3/B+) to SOFR+CSA plus 375 basis points from SOFR+CSA plus 400 bps, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 99 to 99.5 from a range of 98 to 98.5, and then finalized at 99.5, the source said.

As before, the term loan has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

Barclays, Macquarie Capital (USA) Inc., Jefferies LLC, Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the joint bookrunners on the deal. Barclays is the administrative agent.

Recommitments were scheduled to be due at 2 p.m. ET on Thursday, accelerated from an original deadline of 5 p.m. ET on Thursday, the source added.

Allocations are expected on Friday morning.

Proceeds will be used to fund the acquisition of a 25% stake in Gulf Coast Express Pipeline LLC.

ArcLight is the sponsor.

ArcLight GCX is a new-build 450-mile Permian natural gas pipeline.

© 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.