Crestwood ups six-year loan to $385 million, adds $15 million tranche

By Sara Rosenberg

New York, May 22 - Crestwood Holdings LLC upsized its six-year term loan B to $385 million from $365 million and added a $15 million 41/2-year term loan to the capital structure, according to a market source.

Also, pricing on the six-year loan was reduced to Libor plus 600 basis points from talk of Libor plus 625 bps to 650 bps, the Libor floor was cut to 1% from 1.25% and the original issue discount was tightened to 99½ from 99, the source said.

The six-year term loan still has soft call protection of 102 in year one and 101 in year two.

Pricing on the new 41/2-year loan is Libor plus 450 bps with a 1% Libor floor and an original issue discount of 991/2, the source continued.

Recommitments were scheduled to be due at the end of the day on Wednesday.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Morgan Stanley Senior Funding Inc., RBC Capital Markets, SunTrust Robinson Humphrey and Wells Fargo Securities LLC are the joint bookrunners on the deal.

Proceeds will be used to refinance existing debt and the funds from the upsizing will either be used for general corporate purposes or to fund a distribution to equity holders, the source added.

Crestwood Holdings is a Houston-based provider of midstream infrastructure services for the development of shale and unconventional resource basins.

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