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ArcLight GCX finalizes $598 million term loan at par issue price
By Sara Rosenberg
New York, Jan. 16 – ArcLight GCX (AL GCX Holdings LLC) firmed the issue price for new money lenders for its $598 million first-lien term loan (Ba3/B+) due May 17, 2029 at par, the tight end of the 99.75 to par talk, according to a market source.
The issue price for existing lenders remained at par.
Pricing on the term loan is SOFR plus 325 basis points with a 0.5% floor.
The term loan has 101 soft call protection for six months and no CSA.
Barclays is the left lead on the deal.
Proceeds will be used to reprice an existing $598 million first-lien term loan due May 2029 down from SOFR+CSA plus 350 bps with a 0.5% floor. The existing CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
ArcLight GCX is a new-build 450-mile Permian natural gas pipeline.
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