NorthRiver Midstream firms $845.8 million term B at SOFR plus 250 bps

By Sara Rosenberg

New York, March 21 – NorthRiver Midstream set pricing on its $845.75 million senior secured covenant-lite term loan B due August 2030 at SOFR plus 250 basis points, the low end of the SOFR plus 250 bps to 275 bps talk, according to a market source.

In addition, the original issue discount on the term loan widened to 99.75 from par, the source said.

The term loan still has a 0% floor.

BMO Capital Markets and RBC Capital Markets are the arrangers on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan down from SOFR plus 300 bps with a 0% floor.

Brookfield Infrastructure is the sponsor.

NorthRiver Midstream is a Canadian gas gathering and processing business.

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