Quicksilver ups term loan to $625 million, revises discount to 97

By Sara Rosenberg

New York, June 11 - Quicksilver Resources Inc. upsized its six-year second-lien covenant-light term loan (B2/CCC+) to $625 million from $600 million and widened the original issue discount to 97 from 99, according to a market source.

The loan is still priced at Libor plus 575 basis points with a 1.25% Libor floor and has soft call protection of 102 in year one and 101 in year two.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners on the deal, with Credit Suisse and JPMorgan the co-lead arrangers.

Co-managers on the loan include UBS Securities LLC, TD Securities (USA) LLC, Scotia Capital (USA) Inc., CIBC World Markets Corp. and RBS Securities Inc.

Proceeds will be used to help fund a tender offer for the company's 2015 and 2016 notes and for general corporate purposes.

Other funds for the transaction are expected to come from new notes.

Quicksilver Resources is a Fort Worth, Texas-based natural gas and oil exploration and production company.

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