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Terrapure launches first-lien term loan at Libor plus 500 bps
By Sara Rosenberg
New York, Nov. 5 – Terrapure Environmental (Terra Bidco B.C. Ltd.) launched with its New York bank meeting on Tuesday its C$580 million U.S. dollar equivalent seven-year first-lien term loan (B) at price talk of Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.
The first-lien term loan has 101 soft call protection for six months.
Commitments are due on Nov. 19, the source said.
There will be a bank meeting at 4 p.m. ET in Toronto on Wednesday for the transaction as well.
The company’s C$715 million U.S. dollar equivalent senior secured credit facilities also include a C$60 million U.S. dollar equivalent five-year revolver (B) and a C$75 million U.S. dollar equivalent privately placed eight-year senior secured second-lien term loan.
Jefferies LLC, Deutsche Bank Securities Inc., Barclays and Credit Suisse Securities (USA) LLC are the arrangers on the deal.
Proceeds will be used to help fund the buyout of the company by Pamplona Capital Management.
Terrapure is a Burlington, Ont.-based provider of environmental and industrial waste management services in Canada.
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