Medallion launches $822 million term loan at SOFR plus 350 bps

By Sara Rosenberg

New York, Dec. 8 – Medallion Midland Acquisition LP launched on Friday its roughly $822 million first-lien term loan due Oct. 18, 2028 with price talk of SOFR plus 350 basis points with a 0% floor, a par issue price for existing lenders and an original issue discount of 99.75 for new money, according to a market source.

The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant.

Jefferies LLC is the sole bookrunner on the deal.

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

Proceeds will be used to reprice an existing roughly $822 million first-lien term loan down from SOFR+ARRC CSA plus 375 bps with a 0% floor.

Medallion Midland is a crude oil gathering/intra-basin transport system in the core of the Midland Basin of the Permian.

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