WhiteWater firms $500 million term loan B at SOFR plus 325 bps

By Sara Rosenberg

New York, Jan. 25 – WhiteWater Whistler Holdings LLC finalized pricing on its $500 million seven-year senior secured term loan B (Ba2/BB+) at SOFR plus 325 basis points, the low end of the SOFR plus 325 bps to 350 bps talk, and added a 25 bps step-down at less than or equal to 5.5x proportionate consolidated total net leverage, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.5 from talk in the range of 98 to 99, the source said.

The term loan still has a 0% floor, 101 soft call protection for six months and no CSA.

Barclays, Blackstone, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and MUFG are the joint bookrunners on the deal. Barclays is the administrative agent.

Recommitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.

Proceeds will be used to fund I Squared Capital’s acquisition of a 62.5% controlling equity stake in Whistler Pipeline LLC.

Whistler is an owner-operated Gulf Coast natural gas pipeline with direct connection to LNG demand and includes the Whistler Pipeline system, a 70% interest in ADCC Pipeline LLC and a 50% interest in Waha Gas Storage LLC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.