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Azure Midstream flexes $550 million term B to Libor plus 550 bps
By Sara Rosenberg
New York, Nov. 8 - Azure Midstream Holdings LLC increased pricing on its $550 million seven-year term loan B to Libor plus 550 basis points from talk of Libor plus 425 bps to 450 bps, according to sources.
Also, the original issue discount on the loan was changed to 98½ from 99 and the 101 call protection for one year was changed to a hard call from a soft call, the source said.
The loan still has a 1% Libor floor.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to help fund the acquisition of TGGT Holdings LLC from EXCO Operating Co. LP and BG Group plc for about $910 million, of which around $875 million will be in cash and the remaining portion will be in the form of a roughly 8% equity interest in Azure.
Closing is expected in the fourth quarter.
Azure is a Houston-based midstream gas company. TGGT is a Dallas-based midstream energy company.
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