EPIC Y-Grade flexes $650 million term loan B to Libor plus 550 bps

By Sara Rosenberg

New York, May 31 – EPIC Y-Grade Services LP raised pricing on its $650 million seven-year term loan B (B3/B) to Libor plus 550 basis points from Libor plus 500 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 98 from 99 and the call protection was revised to 102 in year one and 101 in year two from a 101 soft call for six months, the source said.

The term loan still has a 0% Libor floor.

The company’s $690 million of credit facilities also include a $40 million five-year super-priority revolver (Ba3).

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

Commitments are due on Friday, 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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