US Ecology launches $400 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Aug. 6 – US Ecology Inc. launched on Tuesday its $400 million seven-year covenant-lite term loan B (Ba3/BB+) with price talk of Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Wells Fargo Securities LLC and BofA Securities, Inc. are the lead arrangers on the deal.

Commitments are due at 3 p.m. ET on Aug. 15.

Proceeds will be used to refinance NRC Group Holdings Corp.’s existing debt and pay transaction related fees in connection with US Ecology’s all-stock acquisition of NRC Group.

US Ecology is a Boise, Idaho-based provider of environmental services to commercial and government entities. NRC Group is a Great River, N.Y.-based provider of environmental, compliance and waste management services.

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