EnergySolutions amends loan, providing for total amendment and restatement

By Sara Rosenberg

New York, July 22 - EnergySolutions Inc. amended its credit facility, providing for the amendment and restatement of the deal in its entirety upon satisfaction of certain conditions, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The amended and restated facility will provide for a new $200 million letter-of-credit facility, will return the existing synthetic letter-of-credit facility deposits and make $100 million of term letter-of-credit facility loans for which the company will maintain restricted cash equal to the amount of the facility.

Pricing on the new letter-of-credit facility as well as on the company's revolver will be Libor plus 250 basis points. And, pricing on the term loan and the term letter-of-credit facility will be Libor plus 250 bps with a step down to Libor plus 200 bps when the leverage ratio is less than 2.0 to 1.0.

The amendment and restatement is subject to, among other things, the completion of the decommissioning of the Zion Nuclear Power Station site in Zion, Ill., which is expect to occur by the end of the third quarter of soon thereafter.

The amendment was completed on July 16.

Citigroup is the administrative agent on the deal.

EnergySolutions is a Salt Lake City-based provider of nuclear services.

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