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Sheridan Production ups seven-year loan to $900 million, cuts spread
By Sara Rosenberg
New York, Sept. 25 - Sheridan Production Partners upsized its seven-year term loan to $900 million from $800 million and reduced pricing to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.
The loan still has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.
The company is also getting a $100 million six-year term loan that is priced at Libor plus 350 bps, with a 1.25% Libor floor and an original issue discount of 99. This loan also has 101 soft call protection for one year.
UBS Securities LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are leading the $1 billion deal.
Proceeds will be used to refinance existing debt.
Sheridan Production Partners, a Houston-based oil and gas production company, expects to close on the transaction on Thursday.
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