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Tank Holding discloses talk; Consol Energy loan details emerge; Quick Base joins calendar
By Sara Rosenberg
New York, March 11 – In the primary market on Monday, Tank Holding Corp. released price talk on its first-lien term loan with launch, and Consol Energy Inc. came out with details on its proposed loan transaction in connection with its lender call.
Tank Holding announced talk on its $480 million seven-year covenant-lite first-lien term loan (B2/B) at Libor plus 425 basis points to 450 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.
The company’s $710 million of senior secured credit facilities also include a $60 million five-year revolver (B2/B) and a $170 million privately placed second-lien term loan.
Consol Energy launched on its afternoon call a $300 million 5.5-year covenant-lite term loan B talked at Libor plus 400 bps to 425 bps with a 0% Libor floor, a par issue price and 101 soft call protection for one year, a market source remarked.
Furthermore, Quick Base surfaced with plans to bring a new first-lien transaction to market later this week to support its buyout by Vista Equity Partners.
Quick Base set a lender meeting for Thursday to launch $315 million of first-lien credit facilities, split between a $40 million revolver and a $275 million covenant-lite first-lien term loan, according to a market source.
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