February 19, 2021

Milbank Advises Lenders on Debt Refinancing for Third Coast Midstream


Milbank LLP represented ING Capital LLC as the sole bookrunner and a coordinating lead arranger, and Crédit Agricole Corporate & Investment Bank, Natixis, New York Branch and Société Générale as coordinating lead arrangers, along with a group of six other banks as lenders in the debt refinancing by Lighthouse Infrastructure, LLC ("Lighthouse"), a wholly owned subsidiary of Third Coast Midstream, LLC ("Third Coast"). The refinancing consisted of a $490 million term loan facility and a $60 million revolving credit facility, the proceeds of which will be used to refinance existing indebtedness and for general corporate purposes. Third Coast is owned by ArcLight Capital Partners.

Third Coast is a midstream oil and gas provider that gathers, produces, processes and transports natural gas and crude oil using offshore and onshore assets, such as pipelines, gathering systems, processing plants and floating production systems, primarily located on the Gulf Coast and in the Gulf of Mexico. The company is based in Houston, Texas.

The Milbank deal team was led by Global Project, Energy and Infrastructure Finance partner Dan Michalchuk with associates Geoff Butterworth and Zachary Shepperd.

Dan Michalchuk said: “Market conditions are prime right now for many US-based energy companies to refinance midstream operating assets with robust cash flows opportunistically. We are pleased to have supported Third Coast and ArcLight in this refinancing, and look forward to assisting in their continued growth.”