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Brand Energy shifts funds between first- and second-lien term loans
By Sara Rosenberg
New York, Oct. 16 - Brand Energy & Infrastructure Services Inc. downsized its six-year first-lien term loan (B2/B) to $525 million from $550 million, upsized its four-year first-lien term loan (B2/B) to $250 million from $150 million and trimmed its seven-year second-lien term loan (Caa2/CCC+) to $300 million from $325 million, according to a market source.
The $50 million six-year funded letter-of-credit facility (B2/BB-) was removed from the capital structure.
Pricing on the six-year first-lien term loan firmed at Libor plus 500 basis points, the wide end of the Libor plus 475 bps to 500 bps talk. The 1.25% floor, original issue discount of 99 and 101 soft call protection for one year were left unchanged.
The four-year first-lien term loan is priced at Libor plus 450 bps, the high end of the Libor plus 425 bps to 450 bps talk, with the 1.25% floor, original issue discount of 99 and 101 soft call protection for one year left intact.
And, pricing on the second-lien term loan was flexed up to Libor plus 975 bps from talk of Libor plus 825 bps to 850 bps, the source continued. The discount came at 98, the wide side of the 98 to 99 talk, while the 1.25% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three were unchanged.
The company's $1.15 billion credit facility also includes a $75 million five-year revolver (B2/B) that is priced at Libor plus 450 bps.
Proceeds will be used to repay existing debt.
UBS, Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the first-lien deal, and UBS is leading the second-lien deal.
Brand Energy is an Edmonton, Alta.-based provider of specialty multi-craft services to the North American downstream energy infrastructure market.
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