US Salt hits secondary; Topgolf, Carroll County changes surface; Epic Crude reveals guidance

By Sara Rosenberg

New York, Feb. 6 – US Salt LLC saw its first-lien term loan free up for trading on Wednesday morning, with levels quoted above its original issue discount.

Meanwhile, in the primary market, Topgolf International Inc. increased the size of its term loan B, reduced the spread and modified the issue price, Carroll County Energy LLC trimmed pricing on its term loan B and Epic Crude Services released price talk with launch.

US Salt breaks

US Salt’s $285 million seven-year covenant-light first-lien term loan (B2) began trading in the morning, and levels were seen at 99˝ bid, par offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 475 basis points with a 25 bps step-down and a 0% Libor floor. The debt was sold at an original issue discount of 99 and has 101 soft call protection for six months.

Last week, the pricing step-down was added to the first-lien term loan, and the discount was tightened from talk in the range of 98 to 98.5.

The company’s $437.5 million of credit facilities also include a $25 million five-year revolver (B2) and a $127.5 million privately placed second-lien term loan.

Citizens Bank is leading the deal that will be used to fund an acquisition and refinance existing debt.

US Salt is an Overland Park, Kan.-based producer of salt.

Topgolf reworks loan

Switching to the primary market, Topgolf raised its term loan B to $350 million from $325 million, trimmed pricing to Libor plus 550 bps from talk in the range of Libor plus 575 bps to 600 bps, and moved the original issue discount to 99 from 98, a market source remarked.

As before, the term loan has a 0% Libor floor and 101 soft call protection for one year.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

Topgolf is a Dallas-based sports entertainment company.

Carroll County flexes

Carroll County Energy lowered the spread on its $460 million seven-year first-lien term loan B (Ba2/BB) to Libor plus 350 bps from Libor plus 375 bps, a market source said.

The term loan B still has a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Recommitments are due at noon ET on Thursday, the source added.

Bank of America Merrill Lynch, BNP Paribas Securities Corp. and Credit Agricole are leading the deal that will be used to refinance existing debt and pay a distribution to shareholders.

Carroll County Energy is the 100% owner of a recently commissioned, highly efficient natural gas fired combined-cycle electric generating facility with a nominal capacity of 700 megawatts in Carroll County, Ohio.

Epic reveals talk

Epic Crude Services held its bank meeting on Wednesday and announced talk on its $1 billion seven-year senior secured term loan B (B3/B+) at Libor plus 500 bps with a 0% Libor floor, an original issue discount of 98 and hard call protection of 102 in year one and 101 in year two, according to a market source.

The company’s $1,075,000,000 of credit facilities also include a $75 million super-priority revolver.

Commitments are due on Feb. 20, the source said.

Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc., ABN Amro and Mirae are leading the deal that will be used to partially fund the crude pipeline construction project, fund associated debt service reserve and construction reserve accounts, and pay related fees and expenses.

Equity investors are Ares Management Corp. and affiliates of Noble Energy Inc., Apache Corp. and Diamondback Energy.

Epic Crude pipeline is a 700 mile crude pipeline originating in the Permian and Eagle Ford Basins and terminating in Corpus Christi.

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