Harvey Gulf talks $750 million term B at Libor plus 325-350 bps

By Sara Rosenberg

New York, June 4 - Harvey Gulf International Marine LLC is talking its $750 million seven-year covenant-light term loan B (B1) at Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 99 to 991/2, according to a market source.

The loan has 101 soft call protection for one year.

Commitments are due on June 12, the source said.

BofA Merrill Lynch is the lead bank on the deal.

Proceeds will be used to refinance existing debt and to fund the acquisition of vessels.

Harvey Gulf is a New Orleans-based marine transportation company that specializes in towing drilling rigs and providing offshore supply and multi-purpose support vessels for deepwater water operations.

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