Spitzer Industries pulls $145 million credit facility from market

By Sara Rosenberg

New York, March 15 - Spitzer Industries Inc. removed its struggling $145 million credit facility from the market, according to a source.

The deal, which launched on Feb. 10, consisted of a $120 million six-year term loan (B2/B) talked at Libor plus 425 basis points with a 1.5% Libor floor and an original issue discount of 991/2, and a $25 million five-year revolver (B2) talked at Libor plus 425 bps with a 1.5% Libor floor.

The term loan had 101 soft call protection for one year.

Credit Suisse was acting as the lead bank on the deal.

Proceeds were going to be used to refinance existing debt and to fund a dividend payment.

Spitzer is a Houston-based fabricator of specialized equipment and systems, pressure vessels and other custom weldments that serve the oil and gas industry.

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