Brand Energy sets Thursday bank meeting for planned $700 million six-year term loan

By Paul A. Harris

Portland, Ore., Sept. 26 - Brand Energy & Infrastructure Services, Inc. has scheduled a bank meeting for 10:30 a.m. ET on Thursday in New York City for its $700 million six-year term loan B, according to an informed source.

The deal, being run by lead left bookrunner UBS Securities Inc., comes with spread talk of Libor plus 475 basis points to 500 bps with a 1.25% Libor floor.

Discount talk has the deal coming at 99.

The loan is callable at 101 in year one.

The $825 million facility also features a $75 million five-year revolver and a $50 million six-year funded letter-of-credit facility.

Proceeds will be used to refinance existing debt.

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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