Tervita increases term loan B size to $750 million, downsizes bonds

By Sara Rosenberg

New York, Feb. 6 - Tervita Corp. lifted its first-lien secured term loan B (B2/B-) to $750 million from $500 million and reduced its senior secured notes offering to $850 million from $1.1 billion, according to a market source.

Price talk on the term loan B is still Libor plus 525 basis points to 550 bps with a 1.25% Libor floor and an original issue discount of 99, and there is still 101 soft call protection for one year.

Commitments are due at 2 p.m. ET on Thursday, accelerated from Friday, the source added.

In addition to the term loan B, the company is looking to get a C$300 million revolver (Ba3).

RBC Capital Markets, Goldman Sachs & Co., Deutsche Bank Securities Inc. and TD Bank are the lead banks on the deal.

Proceeds from the credit facility and notes will be used to repay all outstanding debt under the company's existing senior secured credit facility.

Closing is expected before the end of this month.

Tervita is a Calgary-based environmental management company for the oil and gas industry.

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