Morgan Guaranty launched two credits totaling $950 million backing Los Angeles-based Pacific Enterprises and subsidiary Southern California Gas, according to Loan Pricing Corp.'s Gold Sheets. The deal refinances two credits put in place last year.
Pricing on the first part of the deal, a $300 million, five-year revolver for Pacific Enterprises, starts at the London interbank offered rate plus 16 basis points, with a facility fee of 9 basis points.
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The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables.