There may not be a better time for Gulf Finance to push out its maturities.
The gas station and petroleum terminals operator is looking to raise a $1.051 billion term loan due 2026 with help of Morgan Stanley. It’s asking existing lenders to roll into the new loan, in exchange for a partial paydown of the debt by sponsor ArcLight Capital Partners, which will swap $181 million of its existing loan holdings for equity.
Representatives for Gulf and ArcLight didn’t respond to requests for comment.
Altogether, Gulf will cut its outstanding loan balance to about $723 million, from $1.05 ...