Floatel International to launch $650 million term loan on Tuesday

By Sara Rosenberg

New York, May 2 - Floatel International Ltd. is set to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $650 million six-year covenant-light first-lien term loan, according to a market source.

Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the bookrunners on the deal.

The term loan has 101 soft call protection for one year, the source said.

Proceeds will be used to refinance existing debt.

Floatel is a Sweden-based owner and operator of offshore accommodation and construction support vessels.

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