Navitas Midstream talks $265 million term loan B at 99.28 OID

By Sara Rosenberg

New York, Jan. 26 – Navitas Midstream Midland Basin LLC launched on Tuesday its fungible $265 million incremental senior secured term loan B (B3/B/B+) due December 2024 with original issue discount talk of 99.28, according to a market source.

Pricing on the incremental term loan is Libor plus 450 basis points with a 1% Libor floor.

The term loan has a debt service coverage ratio covenant.

Jefferies LLC is the bookrunner on the deal.

Commitments are due at 5 p.m. ET on Feb. 2, the source added.

Proceeds will be used to repay the company’s $37 million term loan C, finance the construction of the next 200 MMcf/d cryogenic natural gas processing plant and retire a portion of the series D equity units.

Navitas is a The Woodlands, Tex.-based natural gas gathering and processing company.

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