Riverstone Utopia talks $225 million term B at Libor plus 400-425 bps

By Sara Rosenberg

New York, Sept. 27 – Riverstone Utopia Member LLC launched on Wednesday its $225 million seven-year term loan B with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays and Riverstone Capital Services LLC are the arrangers on the deal, and Natixis and Societe Generale are the co-managers.

Commitments are due at 5 p.m. ET on Oct. 11, the source added.

Proceeds will be used to fund future growth capital expenditure needs, to fund related reserve accounts, to provide an initial reimbursement to Riverstone and to pay related fees and expenses.

Riverstone Utopia Member is owned 100% by Riverstone Holdings LLC and is the direct owner of 50% of the equity interests in Kinder Morgan Utopia Holdco LLC, which in turn owns 100% of the operating assets of the Utopia Pipeline.

The Utopia Pipeline will transport ethane and ethane-propane mixtures from the core of the Utica and Marcellus shale to petrochemical companies operating in Ontario, Canada.

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