HydroChem launches $300 million facility at Libor plus 400-425 bps

By Sara Rosenberg

New York, Dec. 3 - HydroChem (previously known as Aquilex Holdings) launched on Tuesday its $300 million senior credit facility with price talk of Libor plus 400 basis points to 425 bps, according to a market source.

The facility consists of a $50 million six-year revolver offered at a discount of 99 and a $250 million seven-year term loan B offered at a discount of 991/2, the source said.

Also, the term loan B has a 1% Libor floor and 101 soft call protection. There is no floor on the revolver.

GE Capital Markets is leading the deal.

Proceeds will be used to fund the acquisition of Inland Industrial Services Group LLC, an industrial cleaning company, from Strength Capital Partners LLC and to refinance existing debt.

The combined company will have close to $400 million of revenue.

Closing is expected by year-end.

HydroChem is a provider of industrial cleaning solutions for the petrochemical production, oil refining, power generation, metals and pulp and paper 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.