NorthRiver launches $850 million term loan B at SOFR plus 325-350 bps

By Sara Rosenberg

New York, Aug. 3 – NorthRiver Midstream Finance LP launched on Thursday its $850 million seven-year covenant-lite term loan B (Ba3) with price talk of SOFR plus 325 basis points to 350 bps with a 0% floor and an original issue discount of 98.5 to 99, according to a market source.

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

BMO Capital Markets, RBC Capital Markets and others are the lead arrangers on the deal. RBC is the agent.

Commitments are due at noon ET on Aug. 10, the source added.

Proceeds will be used with revolving credit facility borrowings to refinance an existing term loan due October 2025.

NorthRiver Midstream is a Canadian gas gathering and processing business.

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