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ChampionX launches $537 million term loan at Libor plus 500 bps
By Sara Rosenberg
New York, May 18 – ChampionX launched on Monday its $537 million term loan (Ba2/BBB-) with price talk of Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 90 to 92, according to a market source.
BofA Securities Inc. is the lead bank on the deal.
Proceeds will be used to fund a net cash payment of about $492 million to Ecolab Inc. in connection with ChampionX’s sale to Apergy Corp. by Ecolab.
Closing is expected by the end of June, subject to customary conditions, including Apergy shareholder approval and regulatory approvals.
ChampionX is an upstream energy business. Apergy is a The Woodlands, Tex.-based provider of highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently.
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