Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for GIP II Blue Holding LP > News item |
GIP II Blue cuts spread on $524.9 million term B to SOFR plus 375 bps
By Sara Rosenberg
New York, March 27 – GIP II Blue Holding LP (HESM Holdco) lowered pricing on its $524,854,341 term loan B due Sept. 29, 2028 (Ba3/BB-) to SOFR plus 375 basis points from SOFR plus 400 bps, according to a market source.
As before, the term loan has a 1% floor, a par issue price, 101 soft call protection for six months, 0 bps CSA, amortization of 1% per annum and a debt service coverage ratio covenant of 1.05x.
Morgan Stanley Senior Funding Inc. is the sole bookrunner on the deal and the agent.
Commitments continued to be due at 5 p.m. ET on Wednesday, and allocations are expected on Thursday, the source added.
Proceeds will be used to reprice an existing term loan B down from SOFR+CSA plus 450 bps with a 1% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.
GIP II, owned by Global Infrastructure Partners, is the owner of general partner and equity unit ownership interests in Hess Midstream LP and its operating subsidiary, Hess Midstream Operations LP.
© 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.