Terrapure ups first-lien loan to $465 million, downsizes second-lien

By Sara Rosenberg

New York, Nov. 22 – Terrapure Environmental (Terra Bidco B.C. Ltd.) upsized its seven-year first-lien term loan to $465 million from $440 million and reduced its privately placed eight-year senior secured second-lien term loan to $44.5 million from C$75 million U.S. dollar equivalent, according to a market source.

Pricing on the first-lien term loan remained at Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99.

The first-lien term loan has 101 soft call protection for six months.

Recommitments were scheduled to be due at 2 p.m. ET on Friday, the source said.

Allocations are expected on Monday.

The company’s $554.5 million of senior secured credit facilities also include a $45 million five-year revolver.

Jefferies LLC, Deutsche Bank Securities Inc., Barclays and Credit Suisse Securities (USA) LLC are the arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Pamplona Capital Management and, due to the first-lien term loan upsizing, to finance an acquisition.

Terrapure is a Burlington, Ont.-based provider of environmental and industrial waste management services in Canada.

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