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ING Capital Arranges $550MM Credit Facility for Lighthouse Infrastructure

February 16, 2021, 07:36 AM
Filed Under: infrastructure
Related: ING Capital

Lighthouse Infrastructure, a wholly owned subsidiary of Third Coast Midstream, entered into a new five-year credit agreement consisting of a term loan facility in the initial aggregate principal amount of $490 million and a $60 million revolving credit facility ("Facility"). The proceeds of the Facility are being used to redeem the outstanding Third Coast 2021 notes, repay borrowings under Third Coast's prior credit facility, and for general Lighthouse corporate purposes.

ING Capital LLC acted as Sole Bookrunner and Coordinating Lead Arranger for the Facility with Crédit Agricole Corporate & Investment Bank serving as the Administrative Agent and Coordinating Lead Arranger and CIT Bank, N.A. as Collateral Agent. Natixis, New York Branch and Societe Generale also acted as Coordinating Lead Arrangers with Intesa Sanpaolo S.P.A., New York Branch acting as Joint Lead Arranger and Metropolitan Tower Life Insurance Company serving as Senior Managing Agent.

"Third Coast is extremely pleased to have completed its debt refinancing," said Matthew W. Rowland, President and Chief Executive Officer. "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."

Third Coast was represented by Kirkland & Ellis LLP. Lenders were represented by Milbank LLP.

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