International Mill first-lien debt talked at Libor plus 275 bps, second lien at Libor plus 600 bps

By Sara Rosenberg

New York, Oct. 14 - International Mill Service Inc. set price talk on its in-market $180 million credit facility Thursday as Moody's Investors Service came out with ratings of B1 on the first-lien debt and B3 on the second-lien debt, according to a market source.

The $25 million five-year first-lien revolving credit facility and the $125 million six-year first-lien term loan B are talked at Libor plus 275 basis points, while the $30 million seven-year second-lien term loan is talked at Libor plus 600 basis points, the source said.

Bear Stearns is the lead bank on the deal. The facility will be used to help fund Wellspring Capital Management LLC's leveraged buyout of the company from a shareholder group lead by GSC Partners.

International Mill is a Horsham, Pa., provider of outsourced industrial services primarily to the steel industry.

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