Blackhawk $97 million facility pricing lifted to Libor plus 525 bps

By Sara Rosenberg

New York, Aug. 2 - Blackhawk Specialty Tools LLC wrapped its $97 million credit facility at pricing of Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The facility consists of a $16 million revolver and an $81 million term loan, the source said.

During syndication, the revolver was downsized from $20 million, pricing on both tranches was increased from Libor plus 450 bps and the discount on the facility widened from 991/2.

GE Capital Markets is led the deal.

Proceeds were used to help fund the company's buyout by Bain Capital.

Blackhawk is a Houston-based provider of automated top drive cement heads and related equipment and services as well as cementation products to the oil and gas industry.

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