Consolidated Energy lifts term B to $600 million, updates pricing

By Sara Rosenberg

New York, May 3 – Consolidated Energy Finance SA upsized its seven-year covenant-light term loan B to $600 million from $550 million and firmed pricing at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps talk, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

As for the company’s revolving credit facility, it was upsized to $225 million from $200 million, the source continued.

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.

Recommitments were scheduled to be due at noon ET on Thursday, the source added.

Proceeds from the now $825 million of senior secured credit facilities, up from $750 million, will be used to refinance existing Methanol Holdings (Trinidad) Ltd. senior secured facilities, and, due to the upsizing, to repay $25 million of funded revolver debt and add cash to the balance sheet.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.