Brazos launches $750 million term loan B at SOFR plus 350 bps

By Sara Rosenberg

New York, April 16 – Brazos Midstream (Brazos Delaware II LLC) launched on Tuesday without a lender call a $750 million term loan B due Feb. 11, 2030 (B1/B+) that is talked at SOFR plus 350 basis points with a 0.5% floor, an original issue discount of 99.75 to par for net new money and a par issue price for existing money, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Barclays is the left lead on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 375 bps with a 0.5% floor.

Brazos is a Fort Worth-based natural-gas and crude-oil midstream company.

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