Hercules Offshore launches $130 million term loan B

By Sara Rosenberg

New York, June 9 - Hercules Offshore LLC held a bank meeting on Thursday to launch its proposed $130 million five-year term loan B credit facility (B2/B-), according to a syndicate document.

Credit Suisse First Boston and Citigroup are joint lead arrangers on the deal.

The term loan is priced with an interest rate of Libor plus 350 basis points, the document said.

Proceeds will be used to refinance existing debt.

Hercules Offshore is a Houston-based jack-up drilling and liftboat contractor.

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