Tank Holding launches $350 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Sept. 25 - Tank Holding Corp. launched its $349.6 million covenant-light term loan on Tuesday with talk of Libor plus 425 basis points with a 1.25% Libor floor, according to a market source.

The loan is repricing the existing term debt from Libor plus 550 bps with a 1.25% Libor floor.

GE Capital Markets is the lead bank on the deal.

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

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