Consolidated Energy launches term loan B at Libor plus 250-275 bps

By Sara Rosenberg

New York, April 19 – Consolidated Energy Finance SA launched on Thursday its $550 million seven-year covenant-light term loan B with price talk of Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Expected loan ratings are Ba3/BB.

The company’s $750 million of senior secured credit facilities also include an up to $200 million revolver.

Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are the joint bookrunners on the deal and joint lead arrangers with Deutsche Bank Securities Inc., SMBC and Credit Suisse Securities (USA) LLC.

Commitments are due on May 3, the source added.

Proceeds will be used to refinance existing Methanol Holdings (Trinidad) Ltd. senior secured facilities.

Consolidated Energy is an acquirer and developer of companies that focus on alternative waste management and energy production.

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