Gopher Resource to launch $490 million credit facilities on Thursday

By Sara Rosenberg

New York, Jan. 31 – Gopher Resource LLC is scheduled to hold a bank meeting at 10 a.m. ET in New York on Thursday to launch $490 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC, Barclays and BMO Capital Markets are the leads on the deal.

The facilities consist of a $40 million revolver and a $450 million seven-year covenant-light first-lien term loan, the source said.

Price talk on the term loan is Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99.5, the source continued.

Included in the term loan is 101 soft call protection for six months.

Proceeds will be used to fund the acquisition of the company by Energy Capital Partners.

Commitments are due on Feb. 15, the source added.

Gopher is a recycler of lead-acid batteries.

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