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Harsco enters into $280 million delayed-draw term loan due 2024
By Sarah Lizee
Olympia, Wash., March 31 – Harsco Corp. amended its credit facility on Tuesday with Citibank, NA as administrative agent to establish a $280 million delayed-draw term loan due June 28, 2024, according to an 8-K filing with the Securities and Exchange Commission.
The amendment also modified some terms of the senior secured credit facility, including by increasing the levels applicable to the total net leverage ratio covenant and adjusting certain negative covenants, including through the modification or addition of various covenant baskets.
Interest on the delayed-draw is Libor plus 150 basis points to 225 bps, based on the total net leverage ratio, subject to a 1% floor.
The loan is subject to a ticking fee from but not including the date that is 45 days after March 31.
It is also subject to quarterly amortization of principal of 1.25% beginning June 30, 2021 up to and including March 31, 2022 and 2.5% beginning June 30, 2022 and thereafter.
The loan will be available to be drawn to fund a portion of the purchase price of the company’s acquisition of Stericycle, Inc.’s environmental solutions business.
Citigroup, PNC Bank NA, Goldman Sachs Bank USA, Bank of America, NA, BMO Harris Bank, NA, HSBC Bank USA, NA, Royal Bank of Canada, Fifth Third Bank, NA, Huntington National Bank, Keybank NA, ING Bank NV, Dublin Branch, Truist Bank, Bank of the West and Santander Bank, NA are joint lead bookrunners and joint lead arrangers.
Harsco is a Camp Hill, Pa.-based provider of environmental solutions for industrial and specialty waste streams and innovative technologies for the rail sector.
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