NorthRiver Midstream withdraws $525 million term loan from market

By Sara Rosenberg

New York, Feb. 27 – NorthRiver Midstream (Grizzly) pulled its $535 million incremental senior secured covenant-lite term loan B (Ba3/BB+) due Oct. 1, 2025 due to market conditions, according to a market source.

Pricing on the incremental term loan was talked at Libor plus 325 basis points with a 0% Libor floor, in line with the existing term loan B, and the new debt was being offered at an original issue discount of 99.

The incremental term loan was also talked with 101 soft call protection for six months.

Citigroup Global Markets Inc., CIBC, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., RBC Capital Markets and Bank of Nova Scotia were the lead arrangers on the deal.

Proceeds were going to be used to repay in full an existing term loan A.

NorthRiver Midstream is a Canadian gas gathering and processing business.

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