Bingo details terms on $375 million term loan at Libor plus 350 bps

By Paul A. Harris

Portland, Ore., July 9 – Bingo Industries priced a $375 million first-lien term loan (Ba3/B) at Libor plus 350 basis points and an original issue discount of 99.25 with a 0.5% Libor floor, according to a market source.

The spread came at the tight end of the 350 bps to 375 bps spread talk. The issue price came rich to price talk of 99.

The loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

The deal is part of an A$925 million equivalent amount of seven-year term loan debt.

There is also a A$325 million first-lien term loan and a A$100 million delayed-draw term loan.

Goldman Sachs, Wells Fargo, Antares Capital and MUFG are the arrangers.

Proceeds will be used with equity to fund the acquisition of the company by Macquarie Infrastructure and Real Assets for either A$3.45 cash per share, or a mixed cash and unlisted scrip alternative.

Bingo is a fully integrated recycling company with operations in Australia’s two largest waste markets: New South Wales (Sydney) and Victoria (Melbourne).

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