GeoStabilization wraps $150 million term loan at Libor plus 550 bps

By Sara Rosenberg

New York, Dec. 13 – GeoStabilization International completed syndication of its $150 million seven-year covenant-light term loan (B2/B) at pricing of Libor plus 550 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

UBS Investment Bank and KKR Capital Markets are the leads on the debt that allocated on Thursday.

Proceeds will be used to help fund the buyout of the company by KKR from CAI Capital Partners.

Closing is expected this year, subject to regulatory approvals and other customary conditions.

GeoStabilization is a Grand Junction, Colo.-based provider of geotechnical maintenance services for critical infrastructure.

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