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Glass Mountain to launch $325 million credit facilities on Tuesday
By Sara Rosenberg
New York, Dec. 1 – Glass Mountain Pipeline LLC is scheduled to hold a lenders’ presentation at 10:30 a.m. ET on Tuesday to launch $325 million of senior secured credit facilities, according to a market source.
Morgan Stanley Senior Funding and Macquarie Capital (USA) Inc. are the leads on the deal.
The facilities consist of a $25 million revolver and a $300 million term loan B, the source said.
Proceeds will be used to fund the acquisition of Glass Mountain by BlackRock Inc.’s Global Energy and Power Infrastructure Fund, in partnership with Navigator Energy Services, from SemGroup Corp. and NGL Energy Partners LP.
Closing is expected this quarter, subject to governmental approvals and other customary conditions.
Glass Mountain is a midstream asset consisting of a fully integrated, roughly 260-mile crude transportation system linking the Stack, Mississippi Lime and Granite Wash plays to Cushing, Okla.
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