Strike readies launch of $250 million term loan B for Thursday

By Sara Rosenberg

New York, Oct. 19 – Strike LLC is scheduled to hold a meeting on Thursday to launch a $250 million six-year covenant-light term loan B that is talked at Libor plus 700 basis points with a 1% Libor floor and an original issue discount of 98 to 99, according to a market source.

The term loan has call protection of 102 in year one and 101 in year two, the source said.

Bank of America Merrill Lynch and BBVA are the leads on the deal.

Commitments are due at 5 p.m. ET on Nov. 2, the source added.

Along with the term loan B, the company is planning to get an up to $100 million letter-of-credit facility and a $100 million asset-based revolver.

Proceeds will be used to refinance existing bank debt and for working capital purposes.

Strike is a The Woodlands, Texas-based provider of pipeline, facilities, fabrication, maintenance and integrity services to companies.

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