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Traverse Midstream tightens $150 million incremental loan OID
By Sara Rosenberg
New York, Sept. 14 – Traverse Midstream Partners LLC changed the original issue discount on its fungible $150 million incremental first-lien term loan due 2024 to 99.75 from 99.5, according to a market source.
Pricing on the incremental term loan is Libor plus 400 basis points with a 1% Libor floor, and the debt has 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead on the deal.
Proceeds will be used to support the Rover Pipeline.
Traverse is an Edmond, Okla.-based midstream company that owns a 35% joint venture interest in Rover Pipeline and a 25% joint venture interest in Ohio River System.
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