Dresser flexes $150 million first-lien loan to Libor plus 425 bps

By Sara Rosenberg

New York, Aug. 16 – Dresser Natural Gas Solutions reduced pricing on its $150 million seven-year first-lien term loan to Libor plus 425 basis points from Libor plus 450 bps and added a step-down to Libor plus 400 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

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.

Recommitments were scheduled to be due at the end of the day on Thursday, 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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