Bangl shops $350 million term loan at SOFR plus 425-450 bps

By Sara Rosenberg

New York, July 18 – Bangl LLC is talking its $350 million seven-year senior secured term loan B (B2/BB-/BB) at SOFR plus 425 basis points to 450 bps with a 0% floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months and no CSA.

Barclays and Investec are the joint bookrunners on the deal that launched with a lender call on Monday. Stonepeak is a co-manager. Barclays is the administrative agent.

Commitments are due at noon ET on July 26, the source added.

Proceeds will be used to support the construction of the Bangl expansion.

Bangl is a large-scale, operating, high barrier-to-entry pipeline system that transports NGL barrels from the Permian to Gulf Coast fractionation and purity markets.

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