Summit Midstream firms $300 million term loan B at Libor plus 600 bps

By Sara Rosenberg

New York, March 15 – Summit Midstream Partners Holdings LLC set pricing on its $300 million first-lien term loan B (B3/B-) due May 2022 at Libor plus 600 basis points, the low end of the Libor plus 600 bps to 625 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99, call protection of 102 in year one and 101 in year two, and a minimum interest coverage covenant.

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

Commitments are due at noon ET on Thursday, accelerated from 5 p.m. ET on Thursday, the source added.

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

Summit Midstream Partners, based in the Woodlands, Texas, is an owner and operator of midstream energy infrastructure assets.

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