Third Coast gets new $490 million loan, $60 million revolver

By Taylor Fox

New York, Feb. 16 – Third Coast Midstream, LLC’s wholly owned subsidiary Lighthouse Infrastructure, LLC entered into a new five-year credit agreement consisting of a term loan facility of $490 million and a $60 million revolving credit facility, according to a news release.

The proceeds of the facility will be used to redeem the outstanding Third Coast 2021 notes, to repay borrowings under Third Coast's prior credit facility and for general Lighthouse corporate purposes.

“The new facility extends our debt maturities, significantly lowers our interest expense, and provides ample access to liquidity,” said Third Coast president and chief executive officer Matthew W. Rowland in the release. “Third Coast's Gulf of Mexico midstream infrastructure business is well-positioned for growth and continued creation of value for its investors.”

ING Capital LLC acted as sole bookrunner and coordinating lead arranger for the facility with Credit Agricole CIB serving as the administrative agent and coordinating lead arranger and CIT Bank, NA as collateral agent.

Natixis, New York Branch and Societe Generale also acted as coordinating lead arrangers with Intesa Sanpaolo SpA, New York Branch acting as joint lead arranger and Metropolitan Tower Life Insurance Co. serving as senior managing agent.

Third Coast was represented by Kirkland & Ellis LLP while the lenders were represented by Milbank LLP.

Denver-based Third Coast owns, operates, develops and acquires natural gas midstream energy assets.

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