Regent Energy sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, July 23 – Regent Energy Group Ltd. came out with price talk on its C$325 million U.S. dollar equivalent covenant-light first-lien term loan and C$140 million U.S. dollar equivalent covenant-light second-lien term loan with its bank meeting on Wednesday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99˝, and the second-lien term loan is talked at Libor plus 725 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s new credit facility also provides for a $75 million revolver.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Jefferies Finance LLC are the lead banks on the deal, with Goldman left lead on the first-lien loan and Deutsche left lead on the second-lien loan.

Proceeds will be used to help fund the buyout of the company by Advent International.

Regent Energy is a Nisku, Alberta-based oil recovery company.

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