Hudson Products to launch $300 million credit facility on Tuesday

By Sara Rosenberg

New York, Feb. 24 - Hudson Products Corp. will hold a bank meeting at 10 a.m. ET on Tuesday to launch a $300 million credit facility, according to a market source.

BNP Paribas Securities Corp. is the lead bank on the deal.

The facility consists of a $30 million 41/2-year revolver and a $270 million five-year covenant-light term loan, the source said.

The term loan is talked in the Libor plus mid-400 basis points area with a 1% Libor floor and 101 soft call protection for six months, the source continued.

Proceeds will be used to refinance existing debt and fund a dividend.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.