Gopher lifts price on $35 million incremental loan, speeds deadline

New York, Sept. 10 – Gopher Resource LLC removed the original issue discount on its $35 million incremental first-lien term loan due March 2025 and brought forward the commitment deadline, according to a market source.

The loan is now being offered at par instead of 99.75 previously.

Commitments are due at 5 p.m. ET on Tuesday instead of 12 p.m. ET on Sept. 12, the source added.

Other terms remain the same.

Pricing on the incremental loan is Libor plus 325 basis points with a 25 bps step-down at first-lien net leverage of less than 4.5 times and a 1% Libor floor, which matches existing term loan pricing.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to fund a shareholder distribution.

Expected term loan ratings are B2 from Moody’s Investors Service and B from S&P Global Ratings.

Gopher is a recycler of lead-acid batteries.

© 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.