Stallion Oilfield withdraws $400 million first-lien loan from market

By Sara Rosenberg

New York, Dec. 19 - Stallion Oilfield Holdings Inc. pulled its $400 million five-year senior secured first-lien term loan (B3/B) from market, according to a source.

Price talk on the loan was Libor plus 750 basis points with a 1.25% Libor floor and an original issue discount of 97. The debt was non-callable for one year, then at 102 in year two and 101 in year three.

Since launching, the deal had been downsized from a revised amount of $450 million and an initial amount of $500 million. Pricing was increased from Libor plus 650 bps, the discount widened from 98 and a maximum total leverage ratio was added to the originally covenant-light loan.

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

Proceeds were going to 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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