Lummus Technology to launch $925 million credit facilities on Tuesday

By Sara Rosenberg

New York, June 5 – Lummus Technology (Illuminate Buyer LLC) is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch $925 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., RBC Capital Markets, Societe Generale, UBS Investment Bank and SunTrust Robinson Humphrey Inc. are the lead arrangers on the deal.

The facilities consist of a $175 million revolver, a $150 million letter-of-credit facility and a $600 million seven-year covenant-lite first-lien term loan, the source said.

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

Commitments are due at 5 p.m. ET on June 18, the source added.

Proceeds will be used to help fund the acquisition of the company by the Chatterjee Group and Rhone Capital from Houston-based McDermott International Inc. for $2.725 billion.

Lummus is a developer and licensor of mission essential technologies for the refining and petrochemical industries and a supplier of catalysts and proprietary equipment.

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