Harsco firms first-lien term loan B at Libor plus 225 bps, 99.5 OID

By Paul A. Harris

Portland, Ore., March 5 – Harsco Corp. priced its $500 million seven-year first-lien term loan B (Ba2/BB) with a 225 basis points spread to Libor at 99.5, a market source said on Friday.

The spread came on top of final spread talk and 25 bps inside of the 250 bps to 275 bps earlier talk. The discount came on top of price talk.

The deal features 101 soft call protection for six months and amortizes at annual rate of 1%.

Goldman Sachs Bank USA is the left arranger. BMO Capital Markets, BofA Securities Inc., PNC Bank, RBC Capital Markets, Fifth Third, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are the joint arrangers.

Citigroup is the administrative agent.

Proceeds will be used to refinance the company’s existing term loan A and term loan B.

Harsco is a Camp Hill, Pa.-based industrial company providing engineered products and industrial services to the steel, rail and energy industries.

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