Anchor Drilling to launch $125 million credit facility this week

By Sara Rosenberg

New York, March 10 - Anchor Drilling Fluids USA Inc. is scheduled to hold a bank meeting in Houston on Tuesday and a bank meeting in New York on Wednesday to launch its proposed $125 million senior credit facility, according to a market source.

Jefferies is the lead bank on the deal.

The facility consists of a $15 million revolver and a $110 million term loan B, the source said.

Proceeds will be used to help fund the buyout of the company by Castle Harlan Inc.

Other acquisition financing will come from $60 million of mezzanine debt that is being provided by American Capital Strategies.

Leverage through the first-lien is 2.7 times and total leverage is 4.2 times. EBITDA is $41 million.

Anchor Drilling is a Tulsa, Okla., drilling fluids company.

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