Summit Midstream to launch $300 million term loan B on Thursday

By Sara Rosenberg

New York, March 1 – Summit Midstream Partners Holdings LLC is scheduled to hold a bank meeting at noon ET in New York on Thursday to launch a $300 million first-lien term loan B due May 2022, according to a market source.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Barclays are the leads on the deal.

The term loan is talked at Libor plus 600 basis points to 625 bps with a 1% Libor floor and an original issue discount of 99, the source said.

Included in the term loan is call protection of 102 in year one and 101 in year two, and a minimum interest coverage covenant.

Proceeds will be used to refinance preferred debt and to fund a shareholder distribution.

Commitments are due at 5 p.m. ET on March 16, the source added.

Summit Midstream Partners is a The Woodlands, Texas-based owner and operator of midstream energy infrastructure assets.

© 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.