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Nations Petroleum launches $325 million term loan at Libor plus 750 bps, OID 98
By Sara Rosenberg
New York, July 10 - Nations Petroleum LLC launched its $325 million term loan on Thursday with price talk of Libor plus 750 basis points and an original issue discount of 98, according to a market source.
The loan has a 3.25% Libor floor and carries call protection of 103 in year one, 102 in year two and 101 in year three, the source said.
Credit Suisse is the lead bank on the deal.
Proceeds will be used to fund the development of the heavy-oil Lost Hills field in the San Joaquin Valley Basin of Kern County, Calif.
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