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ChampionX finalizes $537 million term loan at discount of 94.5
By Sara Rosenberg
New York, June 1 – ChampionX completed syndication of its $537 million term loan (Ba2/BBB-) at an original issue discount of 94.5, the tight end of revised talk of 94 to 94.5 and tight of initial talk in the range of 90 to 92, according to a market source.
Pricing on the term loan remained at Libor plus 500 basis points with a 1% Libor floor.
BofA Securities Inc. is the lead bank on the deal.
Proceeds will be used to fund a net cash payment of about $492 million to Ecolab Inc. in connection with ChampionX’s sale to Apergy Corp. by Ecolab.
Closing is expected by the end of June, subject to customary conditions, including Apergy shareholder approval and regulatory approvals.
ChampionX is an upstream energy business. Apergy is a The Woodlands, Tex.-based provider of highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently.
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