Sheridan Production ups pricing on $700 million term loans to Libor plus 550 bps

By Sara Rosenberg

New York, April 8 - Sheridan Production Partners increased pricing on its $700 million in seven-year term loan debt to Libor plus 550 basis points from Libor plus 450 bps, according to a market source.

However, there is now a step-down to Libor plus 450 bps if the company achieves public corporate ratings of B2/B or better, the source said.

As before, the loans include a 2% Libor floor and are being offered at an original issue discount of the 981/2.

UBS and JPMorgan are the lead banks on the deal.

Proceeds will be used to refinance an existing revolver.

Recommitments are due from lenders on Friday at 4 p.m. ET.

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

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