Midcoast changes $50 million incremental term loan issue price to par

By Sara Rosenberg

New York, May 2 – AL Midcoast Holdings LLC revised the issue price on its fungible $50 million incremental first-lien term loan due August 2025 to par from 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 lead arranger on the deal.

Commitments continued to be due at 5 p.m. ET on Thursday.

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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