Thermal North America seeks $370 million credit facility

By Sara Rosenberg

New York, Oct. 13 - Thermal North America Inc. is in market with a $370 million two-year senior secured credit facility, according to a market source.

Lehman is the lead bank on the deal.

The facility consists of a $35 million revolver, a $30 million synthetic letter-of-credit facility and a $305 million term loan B, with all tranches talked at Libor plus 250 to 275 basis points, the source said.

Proceeds from the deal, which was launched with a bank meeting on Wednesday, will be used to refinance existing indebtedness.

Commitments from lenders are due this coming Wednesday.

Thermal North America is a Boston-based private venture focused on investments in district heating and cooling systems.

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