Clean Harbors allocates $983 million term loan B at SOFR plus 175 bps

By Sara Rosenberg

New York, Dec. 20 – Clean Harbors Inc. allocated on Wednesday its $982.5 million term loan B (BBB-) due October 2028, according to a market source.

Pricing on the term loan is SOFR+CSA plus 175 basis points with a 0% floor and it was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months.

During syndication, the issue price on the term loan firmed at the tight end of the 99.75 to par talk.

The term loan freed to trade on Wednesday, with levels quoted at par bid, par ½ offered, another source remarked.

Goldman Sachs Bank USA is the left lead arranger on the deal that will be used to reprice an existing roughly $983 million term loan B due October 2028 down from SOFR+ARRC CSA plus 200 bps.

Clean Harbors is a Norwell, Mass.-based provider of environmental and industrial services.

Fund flows

In other news, actively managed loan fund flows on Tuesday were negative $61 million and loan ETFs were positive $238 million, sources said.

Actively managed high-yield fund flows on Tuesday were negative $34 million and high-yield ETFs were positive $261 million, sources added.

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