Sheridan sets spread on $800 million loan, adds $100 million tranche

By Sara Rosenberg

New York, Sept. 21 - Sheridan Production Partners firmed pricing on its $800 million seven-year term loan at Libor plus 400 basis points, the tight end of the Libor plus 400 bps to 425 bps talk, and added a new $100 million six-year term loan to the capital structure, according to a market source.

As before, the seven-year term loan has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The new six-year term loan is priced at Libor plus 350 bps with a 1.25% Libor floor and an original issue discount of 99, the source said. This tranche also has 101 soft call protection for one year.

UBS Securities LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the joint bookrunners on the deal.

Proceeds will be used to refinance existing debt.

Sheridan Production Partners is a Houston-based oil and gas production company.

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