Regency Gas Services launches $480 million credit facility

By Sara Rosenberg

New York, Nov. 9 - Regency Gas Services LLC launched a proposed $480 million credit facility on Wednesday, according to a market source.

UBS is the lead bank on the deal.

The facility consists of a $170 million revolver and a $310 million first-lien term loan, both priced at Libor plus 225 basis points, the source said.

Proceeds will be used to repay the company's existing second-lien term loan and outstanding borrowings under its revolver.

Regency is a Dallas-based midstream gas gathering, processing and transmission company.

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