FTS International launches $550 million term B at Libor plus 500 bps

By Sara Rosenberg

New York, April 3 - FTS International Inc. launched on Thursday its $550 million covenant-light term loan B with price talk of Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to sources.

The term loan has 101 soft call protection for six months, sources said.

Commitments are due on April 10.

Wells Fargo Securities LLC, Bank of America Merrill Lynch and UBS Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance an existing term loan.

FTS International is a Fort Worth, Texas-based provider of well completion services, including pressure pumping, wireline and water management, for the oil and gas industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.