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Stonepeak ups spread on $800 million term B to Libor plus 450 bps
By Sara Rosenberg
New York, Oct. 11 – Stonepeak Lonestar raised pricing on its $800 million term loan B (B1) to Libor plus 450 basis points from Libor plus 425 bps, according to a market source.
In addition, the original issue discount on the term loan was revised to 98.5 from 99, the source said.
As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.
Macquarie Capital (USA) Inc., Natixis and Credit Agricole are the leads on the deal.
Recommitments were scheduled to be due at 3 p.m. ET on Friday, the source added.
Proceeds will be used for a recapitalization.
Stonepeak Lonestar is the holder of Stonepeak Infrastructure Partners’ interests in the Gulf Coast Express Pipeline, Grand Prix Pipeline and Targa Resources Corp.’s fractionation train 6 in Texas in a joint venture with Targa.
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