Gundle/SLT to launch up to $210 million credit facility on Thursday

By Sara Rosenberg

New York, May 3 - Gundle/SLT Environmental Inc. is set to hold a bank meeting at 11:30 a.m. ET on Thursday to launch a proposed up to $210 million credit facility, according to a market source.

Jefferies & Co. and GE Capital Markets are the lead banks on the deal, with Jefferies the left lead.

The facility consists of a $40 million to $45 million revolver, a $125 million first-lien term loan and a $40 million second-lien term loan, the source said.

The first-lien term loan will have 101 soft call protection for one year, and the second-lien term loan will have call protection of 102 in year one and 101 in year two.

Proceeds will be used to refinance existing ABL credit facility debt and notes.

Leverage is 3.5 times through the first-lien and 4.8 times total.

Gundle/SLT is a Houston-based manufacturer and marketer of geosynthetic lining products and services.

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