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EMG Utica readies launch of $325 million term loan for Monday
By Sara Rosenberg
New York, March 7 -EMG Utica LLC is set to hold a bank meeting at 10 a.m. ET in New York on Monday to launch a $325 million seven-year senior secured term loan, according to a market source.
Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are the lead banks on the deal.
Covenants include maximum leverage and interest coverage ratios, the source said.
Proceeds will be used to help fund growth capital expenditures associated with the development of the EMG Utica joint venture and to pre-fund interest during the construction period.
Other funds will come from over $650 million of equity.
EMG Utica is a joint venture between the Energy & Minerals Group and MarkWest Energy Partners LP that will develop midstream infrastructure on behalf of natural gas producers operating throughout the liquids-rich Utica Shale formation in Ohio.
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