Stallion downsizes first-lien loan to $400 million, deepens discount

By Paul A. Harris

Portland, Ore., Dec. 14 - Stallion Oilfield Holdings Inc. further downsized its senior secured five-year first-lien term loan (B3/B) to $400 million from $450 million on Friday, after having previously downsized it from $500 million, according to a market source.

Meanwhile the discount was increased to three points from two points. The deal is now being talked at 97.00.

The Libor spread remains at 750 basis points; it had previously been increased from 650 bps.

The 1.25% Libor floor was left unchanged, and the debt is still non-callable for one year, then at 102 in year two and 101 in year three.

Commitments are due on Monday.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to redeem the company's remaining $134 million of senior secured notes due 2015, to fund a dividend, to fund transaction costs and for other corporate purposes.

Stallion is a Houston-based provider of wellsite support, completion, production and logistics services to oil and gas exploration and production companies, drilling contractors and other service companies.

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