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Teine Energy six-year term loan size increased to $300 million
By Sara Rosenberg
New York, May 17 - Teine Energy Ltd.'s six-year second-lien term loan was upsized to $300 million from $200 million, according to a market source.
As previously reported, pricing on the loan is Libor plus 625 basis points, after flexing from talk of Libor plus 650 bps to 675 bps.
The loan has a 1.25% Libor floor, an original issue discount of 98½ and hard call protection of 102 in year one and 101 in year two.
Barclays is the lead bank on the deal.
Proceeds will be used to refinance existing debt and for general corporate purposes.
In addition to the term loan, the company is getting a C$175 million five-year revolver.
Net debt is 1.6 times.
Teine Energy is a Calgary, Alta.-based company focused on acquiring and developing low-cost, repeatable, long reserve life index, high netback oil and gas assets.
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