Third Coast Super’s wholly-owned subsidiary, Third Coast Infrastructure, successfully raised $1.025 billion of debt capital financing, comprising a $925 million 6-year term loan B and $100 million 5-year revolving credit facility. In connection with the transaction, the debt issuance was assigned a rating of BB+ by Standard & Poor’s and Ba3 by Moody’s. Proceeds from the term loan B were used to refinance Third Coast’s existing credit facilities and pay a dividend to shareholders._x000D_
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“We are extremely pleased with the outcome of our credit rating process and results of our debt capital raise,” Matt Rowland, president and CEO of Third Coast, said. “The new credit facilities simplify our debt capital structure and leave us well positioned for future growth. We look forward to working with our new lenders as we continue to build Third Coast into a major Gulf of Mexico energy infrastructure player. We are very thankful to all the banks that have supported Third Coast’s financing needs to date and look forward to our next phase of growth.”_x000D_
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Joint lead arrangers and joint bookrunners for the financings were BofA Securities, RBC Capital Markets, KeyBank Capital Markets, Mizuho Bank and Investec, with Bank of America also acting as agent. Milbank acted as legal counsel to Third Coast.
Forward for Specialty Finance
