Lotus Midstream to launch $350 million term loan B on Wednesday

By Sara Rosenberg

New York, Sept. 7 – Lotus Midstream will hold a lender call on Wednesday to launch a $350 million seven-year term loan B, according to a market source.

Barclays is the bookrunner on the deal.

Proceeds will be used to support the acquisition of the Centurion pipeline system and a Southeast New Mexico crude oil gathering system from Occidental Petroleum Corp.

Closing is expected in the third quarter, subject to customary conditions.

EnCap Flatrock Midstream is the sponsor.

Lotus is a Sugar Land, Texas-based energy company focused on the organic development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to the market.

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