Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for TNT Crane & Rigging Inc. > News item |
TNT Crane shifts funds between add-on first-, second-lien term loans
By Sara Rosenberg
New York, Sept. 12 – TNT Crane (North American Lifting Holdings Inc.) upsized its incremental first-lien term loan due November 2020 to $70 million from $65 million and downsized its incremental second-lien term loan due November 2021 to $15 million from $20 million, according to a market source.
Pricing on the first-lien term loan is Libor plus 450 basis points with a 1% Libor floor, and pricing on the second-lien term loan is Libor plus 900 bps with a 1% Libor floor, in line with existing first- and second-lien term loan pricing.
Both fungible incremental senior secured term loans were sold at an original issue discount of 99½.
Macquarie Capital is the arranger on the deal.
Proceeds will be used to fund recent acquisitions and pay down revolving credit facility borrowings.
The sponsor is First Reserve.
TNT Crane is a Houston-based provider of lifting services and equipment to customers in the energy and industrial infrastructure end markets.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.