Express Energy seeks $275 million credit facility

By Sara Rosenberg

New York, June 21 - Express Energy Services is currently in market with a $275 million credit facility, according to a syndicate document.

Credit Suisse is the lead arranger on the deal that launched with a bank meeting on June 19.

The facility consists of a $50 million five-year revolver and a $225 million six-year term loan, with both tranches talked at Libor plus 350 basis points, the document said.

The revolver has a 50 bps commitment fee.

Proceeds will be used for acquisition financing.

Express Energy is a Houston-based provider of services and equipment to the oil and gas drilling and exploration and production industries.

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