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Clean Harbors flexes $400 million term loan B at Libor plus 200 bps
By Sara Rosenberg
New York, June 28 – Clean Harbors Inc. reduced pricing on its $400 million seven-year senior secured term loan B (Baa3/BBB-) to Libor plus 200 basis points from talk of Libor plus 225 bps to 250 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
Goldman Sachs Bank USA, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the leads on the deal.
Recommitments were scheduled to be due at noon ET on Wednesday, 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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