EnergySolutions increases term loan to $600 million, lowers pricing

By Sara Rosenberg

New York, May 4 – EnergySolutions LLC upsized its seven-year covenant-light term loan B to $600 million from $575 million and reduced pricing to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s now $750 million of senior secured credit facilities, up from $725 million, also include a $150 million five-year revolver.

Morgan Stanley Senior Funding Inc., Barclays and Deutsche Bank Securities Inc. are the joint lead arrangers and bookrunners on the deal.

Commitments were scheduled to be due at noon ET on Friday, the source said.

Proceeds will be used to refinance existing debt, pay a dividend to shareholders and provide liquidity for working capital.

Funds from the term loan upsizing will be used to increase the dividend payment, the source added.

EnergySolutions is a Salt Lake City-based nuclear services company.

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