Gibson to launch term loan repricing, revolver upsize on Thursday

By Sara Rosenberg

New York, May 9 - Gibson Energy ULC is set to hold a call on Thursday to launch a repricing of its $650 million term loan B and an up to $100 million add-on to its revolver, according to sources.

J.P. Morgan Securities LLC, UBS Securities LLC and Citigroup Global Markets Inc. are the lead banks on the deal.

The repricing and upsizing will be done through an amendment to the existing credit facility.

When done in June 2011, the term loan was obtained at pricing of Libor plus 450 basis points with a 1.25% Libor floor and was sold at an original issue discount of 99. The tranche includes 101 soft call protection for two years.

Closing is expected before the end of this quarter.

Gibson is a Calgary, Alta.-based midstream energy company.

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