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Sheridan Production Partners pulls $800 million term loan from market
By Sara Rosenberg
New York, May 29 - Sheridan Production Partners withdrew its $800 million term loan B (B1) from the primary market as a result of unfavorable market conditions, according to a market source.
The loan had been talked at Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 99. It also included 101 soft call protection for one year.
Citigroup Global Markets Inc., Bank of America Merrill Lynch, BMO Capital Markets Corp., RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC were the lead banks on the deal.
Proceeds were to be used to refinance existing debt.
Sheridan Production Partners is a Houston-based oil and gas production company.
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