Clean Harbors talks $400 million term loan B with 175 bps spread

By Paul A. Harris

Portland, Ore., Feb. 23 – Clean Harbors talked a $400 million fungible incremental term loan B due 2029 (Ba1/BBB-) at SOFR plus CSA plus 175 basis points, with no floor, at 99.75, according to a market source.

Call protection resets for six months at 101. It amortizes at an annual rate of 1%.

Commitments are due at 5 p.m. ET on March 6.

Goldman Sachs is the left arranger. JPMorgan, BofA, Citizens, Truist, Stifel and RBC are the joint arrangers.

The Norwell, Mass.-based provider of environmental and industrial services plans to use the proceeds to fund the acquisition of Hepaco, a specialized environmental and emergency response services provider, for $400 million, in a transaction that is expected to close in the first half of 2024.

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