Expro funded term loan now about $1.4 billion, delayed-draw cancelled

By Sara Rosenberg

New York, Aug. 6 – Expro Oilfield Services plc upsized its funded covenant-light term loan B to $1,435,000,000 from $1.16 billion but eliminated plans for a $360 million covenant-light delayed-draw term loan, resulting in an overall downsizing of the term loan debt by $85 million, according to a market source.

Also, price talk on the term loan B was increased to Libor plus 450 basis points to 475 bps from Libor plus 375 bps to 400 bps and the original issue discount talk was changed to 98˝ to 99 from just 99, the source said.

Pricing on the term loan can step-down by 25 bps at 4 times net total leverage.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Other changes made included investor-friendly revisions to the debt incurrence and restricted payments terms and the elimination of the MFN sunset, the source continued.

The company’s now $1,685,000,000 credit facility, down from $1.77 billion, also provides for a $250 million revolver.

Recommitments are due at noon ET on Friday, the source added.

Goldman Sachs Bank USA, Barclays, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance the company’s 8˝% secured notes due 2016 and mezzanine debt.

Expro is a Reading, England-based provider of highly specialized well flow management services to the oil and gas industry.

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