ProPetro launches $220 million term loan B at Libor plus 625-650 bps

By Sara Rosenberg

New York, Sept. 10 - ProPetro Services Inc. launched on Tuesday its $220 million six-year term loan B with price talk of Libor plus 625 basis points to 650 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The B loan has 101 soft call protection for one year.

Also included in the company's $260 million credit facility is a $40 million revolver.

Commitments are due on Sept. 24, the source added.

Deutsche Bank Securities Inc. and Barclays are the lead banks on the deal.

Proceeds will be used to refinance existing debt.

ProPetro is a Midland, Texas-based provider of oil and gas well drilling, stimulation, workover and repair services.

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