Primary Energy Steel launches $375 million credit facility

By Sara Rosenberg

New York, May 6 - Primary Energy Steel LLC held a bank meeting on Thursday for a proposed $375 million credit facility, according to a syndicate document. Credit Suisse First Boston is the sole lead arranger and bookrunner on the deal.

The facility consists of a $175 million seven-year first lien term loan with an interest rate of Libor plus 600 basis points and a $200 million seven-year second lien term loan with an interest rate of Libor plus 900 basis points, the document said.

Proceeds will be used to refinance existing debt.

Primary Energy is an Oak Brook, Ill., developer, owner and operator of power and thermal cogeneration systems onsite at industrial facilities.

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