CQP Holdco trims term B to $2.4 billion, firms at Libor plus 375 bps

By Sara Rosenberg

New York, May 27 – CQP Holdco downsized its seven-year first-lien term loan B to $2.4 billion from $2.9 billion and finalized pricing at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are the leads on the deal.

Proceeds will be used with $1.5 billion of senior secured notes, upsized from $1 billion, to refinance existing debt.

CQP Holdco is an owner and operator of natural gas facilities.

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