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Environmental Resources sets OID on €75.3 million term loan at 99½
By Sara Rosenberg
New York, May 9 - Environmental Resources Management firmed the original issue discount on its €75.3 million (about $105 million equivalent) seven-year covenant-light first-lien term loan term loan (B1/B) at 991/2, the high end of revised talk of 99½ to par but in line with initial talk of 991/2, according to a market source.
Pricing on the euro loan, as well as on a $550 million U.S. seven-year covenant-light first-lien term loan term loan (B1/B), remained at Libor/Euribor plus 400 basis points with a 1% floor, and there is still 101 soft call protection for one year.
The U.S. first-lien loan has an original issue discount of 99.
Earlier in syndication, the U.S. first-lien term was downsized from $600 million, and the discount firmed at the high end of revised talk of 99 to 99½ and wide of initial talk of 991/2; the euro loan was upsized from €40 million; pricing on both tranches was changed from Libor/Euribor plus 450 bps with no floor; and the 18-month MFN sunset provision was eliminated.
The company is also getting a $175 million eight-year covenant-light second-lien term loan (Caa1/CCC+) priced at Libor plus 700 bps with a 1% Libor floor and a discount of 99.
Hard call protection on the second-lien loan is 102 in year one and 101 in year two.
Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and HSBC Securities (USA) Inc. are leading the deal, with Deutsche left lead on the first-lien loan and BNP left lead on the second-lien loan.
Proceeds will be used to refinance debt and fund a dividend to shareholders.
Environmental Resources is a provider of environmental, health, safety, risk and social consulting services.
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