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Published on 12/3/2018 in the Prospect News Bank Loan Daily.

Equitrans launches $650 million term loan B at Libor plus 400-425 bps

By Sara Rosenberg

New York, Dec. 3 – Equitrans Midstream Corp. launched at its bank meeting on Monday a $650 million five-year senior secured term loan B (Ba3/BB/BB) that is talked at Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a minimum debt service coverage ratio covenant, the source said.

Goldman Sachs Bank USA, Barclays, Citigroup Global Markets Inc. and Guggenheim are the leads on the deal.

Commitments are due on Dec. 12, the source added.

Proceeds will be used to fund the acquisition of outstanding public equity interests in EQGP Holdings LP for $20.00 per unit in cash and for general corporate purposes.

Closing is expected on or about Dec. 31.

Equitrans is a provider of midstream services in the Appalachian Basin through its three primary assets: the gathering system, the transmission and storage system, and its water services assets.


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