Seminole Group to launch $350 million loan Thursday

By Sara Rosenberg

New York, Aug. 6 - The Seminole Group LP is scheduled to hold a bank meeting on Thursday morning in Houston regarding a $350 million senior secured credit facility, according to a syndicate source. Fleet and BNP Paribas are the joint lead arrangers on the deal, with Fleet also taking the role of administrative agent and BNP taking the role of syndication agent.

The facility is comprised of a $250 million three-year working capital revolver with opening pricing set at Libor plus 200 basis points and a $100 million three-year revolver with opening pricing set at Libor plus 350 basis points, the source said.

The company generated about $6.2 million in EBITDA and pro forma opening leverage is 1.9 times, the source added,

Tulsa, Okla. - based Seminole engages in diversified services for the crude oil and refined products industry.

© 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.