ArcLight GCX talks $630 million term loan B at SOFR plus 400 bps

By Sara Rosenberg

New York, April 12 – ArcLight GCX (AL GCX Holdings LLC) launched on Tuesday its $630 million seven-year senior secured term loan B (Ba3/B+) with price talk of SOFR+CSA plus 400 basis points with a 0.5% floor and an original issue discount of 98 to 98.5, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

Barclays, Macquarie Capital (USA) Inc., Jefferies LLC, Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the joint bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at 5 p.m. ET on April 21, the source added.

Proceeds will be used to fund the acquisition of a 25% stake in Gulf Coast Express Pipeline LLC.

ArcLight is the sponsor.

ArcLight GCX is a new-build 450-mile Permian natural gas pipeline.

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