Continental Group seeks $180 million credit facility

By Sara Rosenberg

New York, May 10 - The Continental Group is currently in market with a $180 million credit facility, according to a market source.

RBC Capital is the lead bank on the deal that was launched with a bank meeting on Wednesday.

The facility consists of a $40 million revolver and a $140 million term loan B that is talked at Libor plus 275 to 300 basis points, the source said.

Proceeds will be used to refinance existing debt.

Continental is a Houston-based manufacturer and distributor of bar and tubular products to the oilfield service industry.

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