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UGI subsidiary secures $700M term loan

UGI Energy Services LLC closed a new seven-year, $700 million secured term loan B facility, according to an Aug. 13 company news release.

The UGI Corp. subsidiary will use the proceeds from the loan facility, along with corporate liquidity, for the long-term financing of its recently completed acquisition of Columbia Midstream Group LLC from TC Energy Corp. for $1.275 billion.

Credit Suisse AG is the administrative and collateral agent for the term loan B facility. Credit Suisse Loan Funding LLC, JP Morgan Chase Bank, NA, Citizens Bank NA, PNC Capital Markets LLC and Wells Fargo LLC are the joint book runners and joint lead arrangers.