Express Energy to launch $280 million credit facility on Wednesday

By Sara Rosenberg

New York, Oct. 24 – Express Energy Services LLC is set to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch a $280 million credit facility, according to a market source.

UBS AG and Goldman Sachs Bank USA are the bookrunners on the deal.

The facility consists of a $60 million five-year ABL revolver and a $220 million seven-year term loan B, the source said.

The term loan has a 1% Libor floor.

Proceeds will be used to help fund the buyout of the company by Apollo Global Management LLC.

Express Energy is a Houston-based oilfield services company.

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