GasServ seeks $163 million credit facility

By Sara Rosenberg

New York, Nov. 28 - GasServ is currently syndicating a new $163 million credit facility in a club deal to help fund its buyout by Wind Point Partners, according to a market source.

GE Capital is the lead bank on the deal.

The facility consists of a $35 million revolver and a $128 million term loan, with both tranches talked at Libor plus 375 basis points to 400 bps, the source said.

The original issue discount on the deal is still to be determined, the source added.

Senior leverage at close will be 3.1 times and total leverage will be 4.6 times.

Wind Point is buying the company from Harsco Corp. for a total purchase price of $340 million. The terms include $300 million payable in cash at closing and $40 million payable in the form of an earnout, contingent on the company achieving certain performance targets in 2008 or 2009.

GasServ is a Mechanicsburg, Pa., technology, service and manufacturing company for gas applications involving pressure vessels and precision valves.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.