Spitzer Industries pulls downsized $85 million facility from market

By Sara Rosenberg

New York, March 29 - Spitzer Industries Inc. pulled its $85 million credit facility (B2) from market, according to a source.

The facility consisted of a $15 million revolver and a $70 million term loan.

Price talk on the term loan had been Libor plus 525 basis points with a 1.5% Libor floor and an original issue discount of 981/2, and there was 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC was the lead bank on the term loan and Amegy was providing the revolver.

Proceeds were going to be used to refinance existing debt and fund a dividend payment.

Spitzer is a Houston-based fabricator of specialized equipment and systems, pressure vessels and other custom weldments for the oil and gas industry.

© 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.