Templar Energy launches $200 million second-lien loan at 99 area OID

By Sara Rosenberg

New York, June 23 – Templar Energy LLC launched on Monday its $200 million incremental senior secured second-lien covenant-light term loan due Nov. 15, 2020 with price talk of Libor plus 700 basis points with a 1% Libor floor and an original issue discount in the 99 area, according to a market source.

The spread and floor match the existing second-lien term loan.

The loan has call protection of 102 through Nov. 25 and 101 through Nov. 25, 2015.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Barclays, Morgan Stanley Senior Funding Inc. and Natixis are the lead banks on the deal.

Proceeds will be used to purchase acquired assets and repay revolver borrowings, the source added.

Commitments are due at 2 p.m. ET on Friday.

Allocations are expected on June 30, and closing is targeted for July 1.

Templar Energy is an Oklahoma City-based exploration and production company.

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