DT Midstream, a new publicly traded company that is expected to be formed through the planned spin-off of DTE Energy’s non-utility natural gas pipeline, storage and gathering business, launched the syndication of a new senior secured credit facility that will provide for up to $1 billion of term loans pursuant to a seven-year term loan facility and up to $750 million of commitments under a five-year revolving credit facility.
DT Midstream intends to use the net proceeds from the new term loan facility for the repayment of intercompany obligations due to DTE Energy and the payment of a dividend to DTE Energy.
Barclays Bank is acting as joint lead arranger, joint lead bookrunner and administrative agent of the new senior secured credit facility.
