Artera Services updates $775 million term loan spread and OID talk

By Sara Rosenberg

New York, June 21 – Artera Services LLC revised price talk on its $775 million incremental first-lien term loan (B3) due March 6, 2025 to Libor plus 350 basis points from talk in the range of Libor plus 350 bps to 375 bps, according to a market source.

Also, the original issue discount talk on the term loan was changed to a range of 99 to 99.5 from just 99, the source said.

The incremental term loan still has a 1% Libor floor and 101 soft call protection for six months.

UBS Investment Bank, BofA Securities Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho, BMO Capital Markets, MUFG, Citizens Bank, Antares and Jefferies LLC are the bookrunners on the deal.

Commitments are due at noon ET on Tuesday, accelerated from 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund the acquisitions of Feeney Utility Services Group and K.R. Swerdfeger Construction.

Artera, a portfolio company of Clayton Dubilier & Rice, is an Atlanta-based provider of integrated infrastructure services to the natural gas and electric utility industries. Feeney is a Boston-based provider of maintenance, repair and upgrade services to natural gas utilities. K.R. Swerdfeger is a Pueblo West, Colo.-based heavy civil contractor.

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