Heckmann gets $160 million credit facility at Libor plus 400 bps

By Sara Rosenberg

New York, Sept. 8 - Heckmann Corp. closed on a new $160 million four-year credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Initial pricing on the facility is Libor plus 400 basis points. The spread can range from Libor plus 300 bps to 450 bps based on leverage.

The facility consists of a $70 million term loan and a $90 million revolver.

The revolver has a 50 bps unused fee and a $40 million accordion feature.

Regions Capital Markets and RBS Citizens Bank acted as the joint lead arrangers and bookrunners on the deal that was completed on Sept. 7, with Regions the administrative agent.

Proceeds were used to repay an existing loan and are available for working capital, capital expenditures, general corporate purposes and to fund permitted acquisitions.

Heckmann is a Pal Desert, Calif.-based acquirer and investor in various businesses in the water sector.

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