EPIC Y-Grade to launch $690 million credit facilities on Thursday

By Sara Rosenberg

New York, May 9 – EPIC Y-Grade Services LP is scheduled to hold a bank meeting on Thursday to launch $690 million of credit facilities, according to a market source.

UBS Investment Bank and Deutsche Bank Securities Inc. are the bookrunners on the deal.

The facilities consist of a $40 million five-year super-priority revolver and a $650 million seven-year term loan B, the source said.

Price talk on the term loan is Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99, the source continued.

Included in the term loan is 101 soft call protection for six months.

Commitments are due on May 25, the source added.

Proceeds will be used to fund the buildout of EPIC Y-Grade Pipeline, which will consist of 700 miles of Y-grade pipeline from the Permian and Eagle Ford Basins to Corpus Christi, Texas, and two Y-grade fractionators in Corpus Christi, currently under construction.

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