Wastequip talks $150 million term loan B at Libor plus 600-625 bps

By Sara Rosenberg

New York, May 23 - Wastequip LLC launched its $150 million term loan B (B3/BB-) on Wednesday with price talk of Libor plus 600 basis points to 625 bps with a 1.25% Libor floor and an original issue discount of 98, according to a market source.

The term loan B has 101 soft call protection for one year, the source said.

The company's $190 million senior secured credit facility also includes a $40 million revolver (Ba2/BB-).

Commitments are due on June 4, the source added.

Goldman Sachs & Co. is the lead bank on the deal.

Proceeds will be used to fund a recapitalization under which first-lien lenders are expected to get a roughly 90% equity stake in the company.

Wastequip is a Charlotte, N.C.-based manufacturer of waste handling equipment and recycling equipment.

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