EPIC Y-Grade firms $1.08 billion term loan B at SOFR plus 575 bps

By Sara Rosenberg

New York, April 1 – EPIC Y-Grade Services LP set pricing on its $1.075 billion senior secured term loan B due June 30, 2029 (B3/B-) at SOFR plus 575 basis points, the high end of the SOFR plus 550 bps to 575 bps talk, according to a market source.

Also, the original issue discount on the term loan finalized at 97.5, the wide end of the 97.5 to 98 talk, the source said.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Barclays, Wells Fargo Securities LLC, UBS Investment Bank, TCS and MUFG are the lead arrangers on the deal. Barclays is the administrative agent.

Proceeds will be used to refinance existing debt, repay the EPIC propane loan, and pay related fees and expenses.

Closing is expected on Thursday.

Ares Management Corp. is the sponsor.

EPIC Y-Grade is a transporter of natural gas liquids.

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