FTS International flexes $550 million term B to Libor plus 475 bps

By Sara Rosenberg

New York, April 10 - FTS International Inc. trimmed pricing on its $550 million covenant-light term loan B to Libor plus 475 basis points from Libor plus 500 bps, according to a market source.

Furthermore, the original issue discount was moved to 99½ from 99, the source said.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Commitments were due on Thursday.

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.