ProPetro firms spread on $220 million term B at Libor plus 625 bps

By Sara Rosenberg

New York, Sept. 25 - ProPetro Services Inc. firmed pricing on its $220 million six-year term loan B at Libor plus 625 basis points, the tight end of the Libor plus 625 bps to 650 bps talk, according to a market source.

The B loan still has a 1% Libor floor and an original issue discount of 99.

The loan has 101 hard call protection for one year, the source said.

Amortization on the term B is 5% per annum, and the debt has a maximum net leverage covenant.

The company's $260 million senior secured credit facility (B3/B) also includes a $40 million revolver.

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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