Tank Holding sets talk on $405 million credit facility with launch

By Sara Rosenberg

New York, June 12 - Tank Holding Corp. revealed price talk on its $405 million credit facility (B1) that launched with a Tuesday morning bank meeting, according to a market source.

The $50 million six-year revolver is talked at Libor plus 375 basis points with no Libor floor, and the $355 million seven-year covenant-light term loan is talked at Libor plus 500 bps to 525 bps with a 1.25% Libor floor and an original issue discount of 981/2, the source said.

The term loan includes 101 soft call protection for one year.

GE Capital Markets and RBC Capital Markets LLC are the lead banks on the deal.

Proceeds will be used to help fund the company's buyout by Leonard Green & Partners from Olympus Partners.

Tank Holding is a Lincoln, Neb.-based manufacturer of polyethylene and steel material handling products.

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