Artera Services firms $775 million term loan OID at 99.25

By Sara Rosenberg

New York, June 22 – Artera Services LLC finalized the original issue discount on its $775 million incremental first-lien term loan (B3) due March 6, 2025 at 99.25, the midpoint of revised talk of 99 to 99.5 and tighter than initial talk of 99, according to a market source.

Pricing on the incremental term loan is Libor plus 350 basis points with a 1% Libor floor.

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

Earlier in syndication, the spread on the term loan firmed at the low end of the Libor plus 350 bps to 375 bps talk.

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.

Allocations are expected on Wednesday.

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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