ING Capital acted as sole bookrunner and coordinating lead arranger on debt financing consisting of a term loan facility totaling $490 million and a $60 million revolving credit facility for Lighthouse Infrastructure, a wholly-owned subsidiary of Third Coast Midstream.
Crédit Agricole Corporate & Investment Bank served as the administrative agent and coordinating lead arranger and CIT Bank served as collateral agent for the facility. Natixis and Societe Generale also acted as coordinating lead arrangers, with Intesa Sanpaolo acting as joint lead arranger and Metropolitan Tower Life Insurance Company serving as senior managing agent.
The proceeds of the facility are being used to redeem the outstanding Third Coast 2021 notes, to repay borrowings under Third Coast’s prior credit facility and for general Lighthouse corporate purposes.
“Third Coast is extremely pleased to have completed its debt refinancing,” Matthew W. Rowland, CEO and president of Third Coast Midstream, said. “The new facility extends our debt maturities, significantly lowers our interest expense and provides ample access to liquidity. Third Coast’s Gulf of Mexico midstream infrastructure business is well-positioned for growth and continued creation of value for its investors.”
For this transaction, Kirkland & Ellis represented Third Coast and Milbank represented the lenders.