Moda Midstream tightens pricing on $300 million term loan B

New York, Sept. 25 – Moda Midstream reduced the coupon and narrowed the original issue discount on its $300 million seven-year term loan B (B1/BB+), according to a market source.

The loan now pays interest at Libor plus 325 basis points, down from talk of Libor plus 375 bps to 400 bps, and is offered at a price of 99.75, tightened from 99.5 previously.

The Libor floor remains at 0%.

There is soft call protection at 101 for six months.

Final commitments were due at 12 p.m. ET on Tuesday.

Barclays is the bookrunner on the deal.

Proceeds will be used to support the acquisition of Ingleside Energy Center and certain crude oil and LPG infrastructure from Occidental Petroleum Corp.

Closing is expected in the third quarter, subject to customary closing conditions.

EnCap Flatrock Midstream is the sponsor.

Moda is a Houston-based liquids terminalling and logistics company that provides independent terminal, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.