U.S. Shipping sets price talk for $220 million term loan

By Paul A. Harris

Portland, Ore., March 28 - U.S. Shipping Corp. set price talk for its $220 million five-year senior secured term loan B (B3/B), a market source said on Thursday.

The deal is talked with a Libor spread of 775 basis points to 800 bps, a 1.25% Libor floor and an original issue discount price of 99.

The loan becomes callable at 101 after one year and comes with 1% per annum amortization.

UBS Securities LLC is the left lead. Bank of America Merrill Lynch is the joint bookrunner.

The Edison, N.J.-based provider of long-haul marine transportation services plans to use the proceeds to refinance debt.

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