Daily News: June 28, 2018

TD Bank Agents SemGroup Refi


SemGroup‘s subsidiary Houston Fuel Oil Terminal Company amended its credit facility to refinance the outstanding $530.75 million of senior secured term loans and repay the $60 million of revolver borrowing under that agreement.

TD Bank, Texas served as administrative agent and Bank of America served as collateral agent on the transaction. TD Securities and Wells Fargo Securities acted as joint lead arrangers and joint bookrunners, while Merrill Lynch and Morgan Stanley Senior Funding acted as co-arrangers.

The existing term loans were replaced with $600 million in new senior secured term loans that bear interest at a rate of LIBOR plus 2.75%, reflecting a reduction of 75 basis points, subject to an original issue discount of 99.75.

The new term loans will mature in 2025, and the amended facility does not include revolving borrowing ability.

Gibson, Dunn & Crutcher served as legal counsel to SemGroup.

Headquartered in Tulsa, OK, SemGroup moves energy across North America through a network of pipelines, processing plants, refinery-connected storage facilities and deep-water marine terminals with import and export capabilities. The company has additional offices in Calgary, AB; Platteville, CO and Houston.