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Hoover Container flexes $165 million term loan to Libor plus 675 bps
By Sara Rosenberg
New York, Feb. 12 – Hoover Container Solutions raised pricing on its $165 million first-lien term loan to Libor plus 675 basis points from Libor plus 550 bps, according to a market source.
In addition, the maturity of the term loan was shortened to six years from seven years, the source said.
As before, the loan has a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for one year.
The company’s $195 million credit facility (B2/B) also provides for a $30 million revolver.
Macquarie Capital (USA) Inc. is the bookrunner on the deal.
Proceeds will be used to help fund the buyout of the company by First Reserve.
Hoover Container is a Houston-based provider of chemical tanks, cargo carrying units and related products and services to the energy, petrochemical and related industrial end markets.
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