NANA Development talks $435 million term loan with 500-550 bps Libor spread at 99

By Paul A. Harris

Portland, Ore., June 8 - NANA Development Corp. talk its $435 million six-year term loan B (B2/B+) with a 500 basis points to 550 bps Libor spread on Wednesday, market sources said.

Dealers propose to place the loan with a 1-point original issue discount, at 99.00.

The deal features a 1.5% Libor floor and a 101 soft call protection in year one.

Commitments are due on June 20.

Goldman Sachs & Co. is leading the term loan.

In addition, the company is getting an $85 million five-year ABL revolving credit facility that is being held by Bank of America Merrill Lynch, sources said.

Proceeds will be used to refinance the company's existing credit facility and to fund the acquisition of Grand Isle Shipyard Inc., a Galliano, La.-based service provider for the oil and gas industry.

The acquisition is expected to be completed by the end of this month.

NANA Development is an Anchorage-based provider of engineering and construction, resource development, facilities management and logistics, real estate and hotel development, and information technology and telecommunications services.

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