Tervita talks $748 million loan with 400-425 bps Libor spread at par

By Paul A. Harris

Portland, Ore., May 16 - Tervita Corp. talked a repricing of its $748,125,000 senior secured term loan due 2018 at a Libor spread of 400 basis points to 425 basis points with no discount, a market source said on Thursday.

Commitments are due on May 23.

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

Current term loan pricing is Libor plus 500 bps with a 1.25% Libor floor.

Existing lenders will get paid out at 101 due to the presence of call protection.

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

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