Artera trims spread on $740 million term loan to SOFR plus 450 bps

By Sara Rosenberg

New York, Feb. 6 – Artera Services LLC reduced pricing on its $740 million seven-year first-lien term loan (B3/B-) to SOFR plus 450 basis points from SOFR plus 500 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.25 from talk in the range of 98 to 99, the source said.

The term loan still has 101 soft call protection for six months.

UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Deutsche Bank Securities Inc., Jefferies LLC, Mizuho, MUFG and PNC are the arrangers on the deal. Credit Suisse is the administrative agent.

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used with $740 million of senior secured first-priority notes, cash from the balance sheet, a sponsor first-lien PIK term loan and a sponsor contribution to refinance existing first- and second-lien term loans, to repay borrowings outstanding under the company’s receivables facility, to redeem existing notes in full, and to pay related fees and expenses.

Artera is an Atlanta-based provider of integrated infrastructure services serving utilities and midstream operators in the natural gas market.

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