ChampionX launches $625 million term loan at SOFR plus 300 bps

By Sara Rosenberg

New York, May 5 – ChampionX Corp. held a lender call at 1 p.m. ET on Thursday to launch a $625 million seven-year term loan B (BBB-) that is talked at SOFR+CSA plus 300 basis points with a 0.5% floor and an original issue discount of 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

JPMorgan Chase Bank is the lead on the deal and the administrative agent.

Commitments are due at 5 p.m. ET on May 12, the source added.

Proceeds will be used to refinance an existing term loan B due 2025 and an existing term loan B due 2027, and to redeem 6 3/8% senior notes due 2026.

ChampionX is a Woodlands, Tex.-based provider of chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas.

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