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Midcoast launches $50 million incremental term loan at 99.75 OID
By Sara Rosenberg
New York, April 30 – AL Midcoast Holdings LLC was scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch a fungible $50 million incremental first-lien term loan due August 2025 that is talked with an original issue discount of 99.75, according to a market source.
Pricing on the incremental term loan is Libor plus 550 basis points with a 0% Libor floor, in line with existing first-lien term loan pricing.
The incremental term loan has a 1.1 times debt service coverage ratio covenant.
Credit Suisse Securities (USA) LLC is the sole lead arranger on the deal.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to refinance revolving credit facility borrowings.
Expected term loan ratings are BB-/BB.
Midcoast is a provider of natural gas and natural gas liquids services.
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