TGGT amends loan, lifting borrowing base, permitting notes sale

By Sara Rosenberg

New York, Jan. 31 - TGGT Holdings LLC amended its credit facility, increasing the borrowing base to $600 million from $500 million and allowing for the issuance and refinancing of unsecured senior notes, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Also, the amendment requires the company to maintain a maximum leverage ratio of 5.00 to 1.00.

The leverage ratio is subject to an increase of not greater than 5.50 to 1.00 for any period ended in a fiscal quarter where a permitted acquisition occurs for which the cash consideration paid exceeds $50 million or any period ended in a fiscal quarter where unsecured senior note debt is outstanding.

The amendment was completed on Jan. 25.

JPMorgan Chase Bank is the administrative agent on the deal.

TGGT is a Dallas-based midstream energy company.

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