Tank Intermediate to launch $285 million credit facility on Wednesday

By Sara Rosenberg

New York, March 22 - Tank Intermediate is scheduled to hold a bank meeting on Wednesday to launch a proposed $285 million credit facility, according to a market source.

GE Capital Markets is the lead bank on the deal.

The facility consists of a $20 million revolver and a $265 million term loan B, with both tranches talked at Libor plus 350 basis points to 400 bps with a 1.25% to 1.5% Libor floor and an original issue discount that is still to be determined, the source said.

Proceeds will be used to refinance existing debt.

Tank Intermediate is a manufacturer of polyethylene and steel tanks.

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