E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/28/2017 in the Prospect News Bank Loan Daily.

Constellis to launch $1.02 billion credit facility on Thursday

By Sara Rosenberg

New York, March 28 – Constellis Holdings LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch a $1,015,000,000 credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA and Jefferies Finance LLC are the lead banks on the deal.

The facility consists of a $75 million revolver, a $725 million seven-year covenant-light first-lien term loan and a $215 million eight-year covenant-light second-lien term loan, the source said.

Included in the first-lien term loan is a 1% Libor floor and 101 soft call protection for six months, and the second-lien term loan has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

Proceeds will be used to help fund the purchase of Centerra Group LLC from Alvarez & Marsal Capital and to refinance the combined company’s existing debt.

Commitments are due at 5 p.m. ET on April 13, the source added.

Closing is expected in the second quarter, subject to customary regulatory reviews and approvals.

Constellis is a Reston, Va.-based provider of operational support and risk management services to government and commercial clients. Centerra is a Palm Beach Gardens, Fla.-based government and critical infrastructure services company.


© 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.