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Tallgrass HoldCo hones talk on $1.05 billion term loan to SOFR plus 475 bps, 98.5 OID
By Paul A. Harris
Portland, Ore., Feb. 22 – Tallgrass HoldCo (Prairie Acquiror LP) honed talked in its $1.05 billion five-year first-lien term loan (expected ratings B3/B) to SOFR plus 475 basis points at 98.5, according to a market source.
Earlier talk was SOFR plus 475 bps to 500 bps at 98, according to market sources.
The deal is talked without a SOFR floor.
Re-commitments are due at 3 p.m. ET on Friday.
Jefferies LLC and JPMorgan Chase Bank are the bookrunners on the deal.
The term loan has 101 soft call protection for six months, the source said.
Proceeds plus proceeds from the planned sale of new senior secured notes will be used to refinance the company’s existing first-lien term loan.
Tallgrass HoldCo, backed by Blackstone, owns 100% of the equity interest in Tallgrass Energy Partners LP, an acquirer, owner, developer and operator of midstream energy assets in North America.
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