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Tervita debt refinancing plans include senior secured notes
By Paul A. Harris and Sara Rosenberg
Portland, Ore., Jan. 24 - Tervita Corp. plans to sell new senior secured notes as part of its plan to repay all outstanding debt under its existing senior secured credit facility, according to a market source.
Meanwhile Tervita set a bank meeting for Tuesday to launch a proposed $500 million first-lien secured term loan B, which is in the market via RBC Capital Markets, Goldman Sachs & Co., Deutsche Bank Securities Inc. and TD Bank.
In addition to the term loan B, the company is looking to get a C$300 million revolver.
Also, the company is negotiating an extension of its existing senior subordinated notes in connection with this refinancing. Closing is expected before the end of February.
Tervita is a Calgary, Alta.-based environmental management company serving the oil and gas industry.
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