Clean Harbors launches $400 million term B at Libor plus 225-250 bps

By Sara Rosenberg

New York, June 16 – Clean Harbors Inc. launched on Friday its $400 million seven-year senior secured term loan B (Baa3/BBB-) with price talk of Libor plus 225 basis points to 250 bps 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, the source said.

Goldman Sachs Bank USA, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the leads on the deal.

Commitments are due on June 27, the source added.

Proceeds will be used to help redeem up to $400 million of the company’s outstanding 5¼% senior notes due 2020.

The tender offer for the notes will expire at 11:59 p.m. ET on July 12.

Clean Harbors is a Norwell, Mass.-based provider of environmental, energy and industrial services.

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