OMNI Energy gets $90 million credit facility

By Sara Rosenberg

New York, April 30 - OMNI Energy Services Corp. closed on a $90 million senior credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Fifth Third Bank acted as the lead arranger and bookrunner on the deal that was completed on April 23.

The facility consists of a $50 million five-year term loan, a $15 million delayed-draw term loan and a $25 million revolver.

Initial pricing on the term loan is Libor plus 225 basis points, initial pricing on the delayed-draw term loan is Libor plus 250 bps, with a 50 bps commitment fee, and initial pricing on the revolver is Libor plus 200 bps, with a 30 bps commitment fee.

Pricing on all tranches is based on a leverage grid.

Proceeds were used to refinance the company's existing credit facility, help fund the acquisition of Industrial Lift Truck & Equipment Co., Inc. and to provide additional working capital.

The delayed-draw term loan is available for future acquisitions.

OMNI is a Carencro, La.-based provider of integrated oilfield services.

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