NANA loan now $175 million first lien, $260 million second lien

By Sara Rosenberg

New York, July 21 - NANA Development Corp. reworked its credit facility structure, dividing the originally planned $435 million term loan B into a $175 million first-lien term loan (Ba3/BB) and a $260 million second-lien term loan (B3/B+), according to a market source.

Price talk on the first-lien term loan is Libor plus 500 basis points to 550 bps with a 1.5% Libor floor and an original issue discount of 98, the source said. This compares to talk under the original structure of Libor plus 500 bps to 550 bps with a 1.5% floor and a discount of 99.

The first-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three, the source continued. Originally, the company was offering its term loan with 101 soft call protection for one year.

Meanwhile, the second-lien term loan is expected to price in the 12% area and will be non-callable for one year, then at 103 in year two and 101 in year three, the source added.

Goldman Sachs & Co. is the lead bank on the term loans.

In addition, the company is getting an $85 million five-year ABL revolving credit facility that is being held by Bank of America Merrill Lynch.

Proceeds will be used to refinance the company's existing credit facility and to fund the acquisition of Grand Isle Shipyard Inc., a Galliano, La.-based service provider for the oil and gas industry.

NANA Development is an Anchorage-based provider of engineering and construction, resource development, facilities management and logistics, real estate and hotel development, and information technology and telecommunications services.

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