Stallion Oilfield plans new $350 million covenant-light term loan

By Sara Rosenberg

New York, June 3 - Stallion Oilfield Holdings Inc. is planning on getting an up to $350 million senior secured covenant-light term loan, according to a news release.

In addition, the company is looking to amend its asset-backed loan to increase the size to $65 million from $50 million.

Bank of America Merrill Lynch and Jefferies Finance LLC are the joint lead arrangers and bookrunners on the term loan. Bank of America is the agent on the asset-backed loan.

Proceeds from the term loan will be used to redeem the remaining $134 million of the company's senior secured notes due 2015, to fund a portion of a roughly $217 million dividend to stockholders and for other corporate purposes.

Stallion Oilfield 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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