Harvey Gulf ups term B to $275 million, cuts term A to $75 million

By Sara Rosenberg

New York, Oct. 10 - Harvey Gulf International Marine LLC increased the size of its add-on term loan B to $275 million from $250 million and decreased the size of its add-on term loan A to $75 million from $100 million, according to a market source.

Also, the original issue discount on the add-on term loan B firmed at 99, the wide end of the 99 to 99½ talk, the source said.

The discount on the add-on term loan A remained at 991/2.

Pricing on the term loan A is Libor plus 400 basis points with a 1% Libor floor, and pricing on the term loan B is Libor plus 450 bps with a 1% Libor floor.

BofA Merrill Lynch is the lead bank on the deal.

Proceeds will be used to fund the acquisition of 45 new-generation offshore vessels from Abdon Callais Offshore LLC.

Harvey Gulf is a New Orleans-based marine transportation company.

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