DISTRESSED DAILY: Gulf Finance Seeks Breathing Room With Loan

Oct. 4, 2021, 12:00 PM

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 ...

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