Medallion Midland to launch $835 million credit facilities on Monday

By Sara Rosenberg

New York, Oct. 1 – Medallion Midland Acquisition LP is scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $835 million of senior secured credit facilities, according to a market source.

Jefferies, Cadence, National Australia Bank and PNC Bank are the bookrunners on the deal.

The facilities consist of a $100 million five-year super priority revolver and a $735 million seven-year senior secured term loan, the source said.

Included in the term loan is 101 soft call protection for six months.

The revolver has debt-to-capitalization, debt service coverage ratio and super senior leverage ratio covenants, and the term loan has a debt service coverage ratio covenant.

Proceeds will be used to refinance an existing term loan and a $50 million revolver.

Medallion Midland is an Irving, Tex.-based midstream company focused on crude oil transportation in the Midland Basin.

© 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.