Tank Holding withdraws $1.69 billion unitranche facility from market

By Sara Rosenberg

New York, Nov. 30 – Tank Holding Corp. pulled its $1.685 billion unrated unitranche facility from market, according to a market source.

The transaction was an opportunistic request, and it is being shelved until possibly next year as a result of market conditions, the source explained.

The facility was talked at Libor plus 575 basis points with a 0.75% Libor floor and an original issue discount of 99, and had hard call protection of 102 in year one and 101 in year two.

Antares Capital was the lead on the deal.

Proceeds were going to be used to refinance existing credit facilities and pay a dividend.

Tank Holding, backed by Olympus Partners, is a Lincoln, Neb.-based manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.

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