PSC/HydroChem to launch $570 million in term loans on Tuesday

By Sara Rosenberg

New York, Sept. 14 – PSC/HydroChem will hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch $570 million in term loans, according to a market source.

Goldman Sachs Bank USA and Jefferies LLC are the leads on the deal.

The debt consists of a $430 million first-lien term loan B and a $140 million second-lien term loan, the source said.

Proceeds will be used to help fund PSC’s acquisition of Aquilex Holdings LLC, the owner of HydroChem, from Centerbridge Partners LP.

Closing is expected this year, subject to customary conditions.

PSC, a portfolio company of Littlejohn & Co. LLC, and HydroChem are providers of industrial cleaning services to the industrial and energy infrastructure markets.

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