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DT Midstream increases credit agreement to $1 billion, extends to 2027
By Mary-Katherine Stinson
Lexington, Ky., Oct. 20 – DT Midstream Inc. entered a first incremental revolving facility amendment and amendment No. 1 to its credit agreement and collateral agreement on Oct. 19, according to an 8-K filing with the Securities and Exchange Commission.
The amendment establishes an incremental revolving facility by increasing the revolving commitments by $250 million, resulting in the total revolving commitments being $1 billion.
The amendment also extends the revolving maturity date to Oct. 19, 2027 and adopts SOFR as the benchmark rate from the previous eurodollar rate.
In addition, various amendments were included regarding pricing, guarantee and collateral provisions that will become effective upon an investment-grade event.
The leverage-based pricing grid is between SOFR plus 125 basis points to 225 bps. The commitment fee would be between 25 bps and 45 bps.
If the ratings grid is used, interest on loans will be between SOFR plus 112.5 bps and 175 bps. The commitment fee is between 12.5 bps and 35 bps.
Barclays is the administrative agent and collateral agent.
Barclays, BofA Securities, Inc., Citibank, NA, JPMorgan Chase Bank, NA, PNC Bank, NA, TD Bank, New York Branch and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners for the revolver.
Bank of Nova Scotia and TD Securities (USA) LLC are the co-syndication agents.
The amendment amends the credit agreement dated as of June 24, 2021.
DT Midstream is a large-scale platform connecting supply basins to the natural gas demand markets.
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