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Wheelabrator flexes incremental loan, repricings to Libor plus 350 bps
By Sara Rosenberg
New York, Dec. 11 – Wheelabrator Technologies Inc. (Granite Acquisition Inc.) increased pricing on its incremental $125 million term loan C due December 2021, repricing of its existing $48 million term loan C due December 2021 and repricing of its existing $1.21 billion term loan B due December 2021 to Libor plus 350 basis points from Libor plus 300 bps, according to a market source.
As before, the term loans have a 1% Libor floor and 101 soft call protection for six months, the incremental loan has an original issue discount of 99.5 and the repricings have a par issue price.
Deutsche Bank Securities Inc. and BNP Paribas Securities Corp. are the bookrunners on the deal.
Proceeds from the incremental loan will be used to fund letters of credit, and the repricings will take the existing term loan B and C debt down from Libor plus 400 bps with a 1% Libor floor.
The company is also seeking an amendment to its existing $247 million second-lien term loan due December 2022 for which lenders are offered a 5 bps consent fee.
Pricing on the second-lien term loan will be unchanged at Libor plus 725 bps with a 1% Libor floor.
The second-lien term loan will get 101 soft call protection for six months.
Under the amendment, the accordion free and clear basket shared between the first- and second-lien term loans will be reduced to $150 million from $350 million, a 1.1 times minimum debt service coverage ratio covenant will be added, and the capital structure will be portable with a change-of-control subject to ratings reaffirmation.
Commitments are due at noon ET on Tuesday, the source added.
Wheelabrator is a Hampton, N.H.-based owner and operator of waste-to-energy facilities and independent power-producing facilities.
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