Sheridan Production Partners seeks $700 million seven-year term loans

By Sara Rosenberg

New York, March 25 - Sheridan Production Partners is in market with $700 million in seven-year term loan debt, according to a market source.

UBS and JPMorgan are the lead banks on the deal that launched with a bank meeting on Wednesday.

Price talk on the term loans is Libor plus 450 basis points with a 2% Libor floor and an original issue discount in the 98 to 99 area, the source said.

Proceeds will be used to refinance an existing revolver.

Sheridan is a Houston-based oil and gas production company.

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