Harsco launches $550 million term loan B at Libor plus 550 bps

By Sara Rosenberg

New York, Oct. 19 – Harsco Corp. launched on Wednesday its $550 million seven-year term loan B with price talk of Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan B has 101 soft call protection for one year and amortization of 1% per annum, the source said.

The company’s $950 million senior secured credit facility (Ba1/BB) also includes a $400 million five-year revolver.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Bank of America Merrill Lynch, RBC Capital Markets, US Bank and KeyBanc Capital Markets are the leads on the deal.

Commitments are due on Nov. 1, the source added.

Proceeds will be used to amend and extend an existing credit facility and redeem 5¾% senior notes due 2018.

Harsco is a Camp Hill, Pa.-based diversified engineered products and services company.

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