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American Petroleum talks $270 million term loan at Libor plus 400 bps
By Sara Rosenberg
New York, March 19 - American Petroleum Tankers Parent LLC launched on Tuesday its $270 million 61/2-year term loan with price talk of Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
The company's $280 million senior secured credit facility also includes a $10 million five-year revolver.
Commitments are due at noon ET on March 27, the source added.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to redeem the company's existing 10¼% first-priority senior secured notes due 2015.
With the transaction, the company expects to convert to equity its $455.5 million second-lien credit facility, for which Blackstone Corporate Debt Administration LLC is the administrative agent.
American Petroleum is a Plymouth Meeting, Pa.-based provider of Jones Act marine transportation services for refined petroleum products, crude oil and chemicals.
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