Crestwood Holdings withdraws $350 million term loan B from market

By Sara Rosenberg

New York, April 10 – Crestwood Holdings LLC pulled its $350 million senior secured term loan B (B3/B-) due Dec. 31, 2022 from the primary market, according to a market source.

Citigroup Global Markets Inc. was the lead arranger on the deal.

Talk on the term loan had been Libor plus 650 basis points with a 1% Libor floor, an original issue discount of 98.5 and call protection of 102 in year one and 101 in year two for voluntary prepayments.

Proceeds would have been used for an opportunistic refinancing of the company’s existing term loans.

Crestwood is a Houston-based company focused on natural gas storage.

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