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Published on 3/14/2018 in the Prospect News Bank Loan Daily.

KBR launches $800 million term loan B at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 14 – KBR Inc. launched on Wednesday its $800 million seven-year covenant-light term loan B with price talk of Libor plus 300 basis points to 325 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on March 28.

The company’s $2.2 billion of senior secured credit facilities also include a $400 million five-year delayed-draw term loan A, a $500 million five-year revolver and a $500 million five-year performance letter-of-credit facility.

Bank of America Merrill Lynch is the left lead arranger on the deal.

Proceeds will be used to finance the $355 million acquisition of SGT from Kamco Holdings, to refinance existing revolver borrowings, to fund KBR’s share in a joint venture and for general corporate purposes.

KBR is a Houston-based provider of full life-cycle professional services and technologies supporting the government services and hydrocarbons markets.


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