Secunda plans $140 million term loan for bond tender

By Sara Rosenberg

New York, June 28 - Secunda International Ltd. is getting a $140 million term loan to fund its cash tender offer for any and all of its outstanding $125 million senior secured floating-rate notes due 2012, according to a company spokesman.

Fortis Capital is the lead bank on the deal that is expected to be launched with a bank meeting at some point, but could be fully funded by Fortis before it is syndicated.

The indicative interest rate on the term loan is around the Libor plus 250 to 275 basis points area, the spokesman said.

The bond tender offer expires on July 28.

Secunda is also planning an initial public offering of its common shares. Once the IPO is done, the company will pay down about $15 million of the new term loan and will add a new C$95 million revolver tranche to its credit facility structure, the spokesman added.

Secunda is a Dartmouth, Nova Scotia-based provider of supply and support services to the offshore oil and gas industry internationally.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.