Traverse Midstream Partners LLC has closed on a $1.285 billion senior secured term loan. The loan was upsized by $150 million from an initial loan size of $1.135 billion. Proceeds will be used to fund ongoing capital requirements associated with Traverse's 35% interest in Rover Pipeline LLC and 25% interest in Ohio River System (ORS), to retire existing Traverse indebtedness, and for general corporate purposes.
Deutsche Bank Securities Inc. and JPMorgan Chase Bank NA acted as joint lead arrangers and joint bookrunners for the term loan.
Traverse was founded in June 2014 by The Energy & Minerals Group. Traverse is focused on midstream investments in leading industry basins. Current investments include a 35% interest in the ETP operated Rover Pipeline and a 25% interest in the ETP operated ORS.