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Dresser Natural Gas shops $150 million loan at Libor plus 450 bps
By Sara Rosenberg
New York, Aug. 2 – Dresser Natural Gas Solutions is in market with a $150 million seven-year first-lien term loan that is talked at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.
The first-lien term loan has 101 soft call protection for six months, the source said.
The company’s $235 million of credit facilities also include a $35 million five-year revolver and a $50 million privately placed eight-year second-lien term loan.
BNP Paribas Securities Corp. is the lead on the deal that launched with a bank meeting on Tuesday.
Commitments are due on Aug. 14, the source added.
Proceeds will be used to help fund the buyout of the company by First Reserve from Baker Hughes.
Dresser Natural Gas is an original equipment manufacturer of commercial and industrial natural gas meters and pipeline repair products.
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