Lummus launches $1.05 billion term loan at Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 3 – Lummus Technology (Illuminate Buyer LLC) was scheduled to hold a lender call at 2 p.m. ET on Wednesday to launch a $1.047 billion covenant-lite first-lien term loan (B1/B+) due June 2027 that is talked at Libor plus 350 basis points with a 0% Libor floor and a par issue price, according to a market source.

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

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

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

Proceeds will be used to reprice an existing term loan down from Libor plus 400 bps with a 0% Libor floor.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.