GIP Pilot shops $1.1 billion term loan at SOFR plus 350-375 bps

By Sara Rosenberg

New York, Sept. 8 – GIP Pilot Acquisition Partners LP is in market with a $1.1 billion first-lien term loan B due 2030 (Ba3/BB-) that is talked at SOFR plus 350 basis points to 375 bps with a 0% floor and an original issue discount of 98.5 to 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank, MUFG, Bank of Nova Scotia, Mizuho and Wells Fargo Securities LLC are the leads on the deal that launched with a lender call on Thursday.

Commitments are due at noon ET on Sept. 19, the source added.

Proceeds will be used to help fund the acquisition of a 40% interest in Columbia Pipeline Holding Co. LLC, a natural gas pipelines and gas storage system comprised of Columbia Gas Transmission LLC and Columbia Gulf Transmission LLC, from TC Energy Corp.

TC Energy’s total proceeds for the transaction are expected to be about $3.9 billion in cash.

Closing is expected in the fourth quarter, subject to customary conditions.

GIP Pilot is owned by Global Infrastructure Partners.

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