Harsco launches $545 million term loan at Libor plus 225-250 bps

By Sara Rosenberg

New York, June 7 – Harsco Corp. launched on Thursday its $545 million senior secured term loan B due December 2024 with price talk of Libor plus 225 basis points to 250 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Bank of America Merrill Lynch, RBC Capital Markets, U.S. Bank and KeyBanc Capital Markets are the leads on the deal. Co-managers include PNC, Fifth Third and ING.

Commitments are due on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 300 bps with a 1% Libor floor.

In addition to the repricing, the company plans to increase the amount of its revolving credit commitments by as much as $100 million to $500 million.

Harsco is a Camp Hill, Pa.-based diversified industrial company providing a range of onsite services and engineered products to the global steel, energy and railway sectors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.