NorthRiver cuts spread on $850 million term loan to SOFR plus 300 bps

By Sara Rosenberg

New York, Aug. 9 – NorthRiver Midstream Finance LP lowered pricing on its $850 million seven-year covenant-lite term loan B (Ba3) to SOFR plus 300 basis points from talk in the range of SOFR plus 325 bps to 350 bps, according to a market source.

Additionally, the original issue discount on the term loan firmed at 99, the tight end of the 98.5 to 99 talk, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

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

Recommitments were scheduled for the end of the day on Wednesday and allocations are expected on Thursday, 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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