Valerus Compression Services seeks $350 million asset-based revolver

By Sara Rosenberg

New York, Nov. 16 - Valerus Compression Services is in market with a $350 million asset-based revolver, according to a market source.

JPMorgan and Barclays are the lead banks on the deal that launched last week.

Price talk on the revolver is Libor plus 450 basis points, the source said.

Proceeds will be used to help fund TPG Capital's purchase of a majority stake in Valerus.

As part of the transaction, TPG will invest $500 million in the company's debt and equity. Proceeds will be used to provide capital for the company's growth plans and to refinance the company's existing debt.

Valerus is a Houston-based provider of natural gas handling services.

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