Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for EIF Van Hook Equity Holdings > News item |
EIF Van Hook launches $400 million term B at Libor plus 475-500 bps
By Sara Rosenberg
New York, Sept. 6 – EIF Van Hook Equity Holdings launched on Thursday its $400 million seven-year first-lien term loan B (B3/B+) with price talk of Libor plus 475 basis points to 500 bps with a 0% 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, a 1.1 times debt service coverage ratio covenant and a maximum growth capex limit covenant, the source said.
The company’s $425 million of credit facilities also include a $25 million five-year super-priority revolver.
Macquarie Capital (USA) Inc. is the lead on the deal.
Commitments are due on Sept. 20, the source added.
Proceeds will be used to support the recently completed acquisition of Paradigm Energy Partners from an affiliate of Stonepeak Infrastructure Partners, and the combination of the Paradigm assets with Ares EIF Group’s adjacent Van Hook Gathering System.
EIF Van Hook is a regional midstream platform serving the core of the Williston Basin in North Dakota, with additional reach into the Eagle Ford Shale in South Texas. The combined entity will be known as Paradigm.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.