RepconStrickland launches $225 million credit facility

By Sara Rosenberg

New York, March 5 - RepconStrickland held a bank meeting on Wednesday morning to launch its proposed $225 million credit facility, according to a market source.

KeyBank is the lead bank on the deal.

The facility consists of a $50 million revolver talked in the Libor plus 350 basis points area, a $75 million term loan A talked in the Libor plus 350 bps area and a $100 million term loan B talked at Libor plus 475 bps, with a 3.25% Libor floor, the source said.

The term loan is being offered at an original issue discount of 99, the source added.

Proceeds will be used to help fund the already completed buyout of RepconStrickland by Arclight Capital LLC.

RepconStrickland is a provider of services to the refining, petrochemical and energy industries.

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