Hudson Products raises pricing on $250 million credit facility to Libor plus 500 bps

By Sara Rosenberg

New York, Aug. 5 - Hudson Products Corp. increased pricing on its $250 million credit facility to Libor plus 500 basis points from Libor plus 425 bps, according to a market source.

Tranching on the deal is comprised of a $30 million five-year revolver and a $220 million seven-year term loan B.

Both the term loan and the revolver have a 3% Libor floor for the life of the deal.

The term loan is being offered to investors at an original issue discount of 98.

BNP Paribas is the lead bank on the facility.

Proceeds from the credit facility, along with $125 million of mezzanine debt, will be used to fund the buyout of the company by Riverstone Holdings LLC from the Sterling Group LP.

Hudson is a Sugar Land, Texas, designer and manufacturer of air-cooled heat exchanger equipment to serve the oil, gas and petrochemical processing industries.

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