Tervita trims pricing on $750 million term B to Libor plus 500 bps

By Sara Rosenberg

New York, Feb. 7 - Tervita Corp. lowered pricing on its $750 million first-lien secured term loan B (B2/B-) to Libor plus 500 basis points from talk of Libor plus 525 bps to 550 bps, according to a market source.

The term loan still has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Recommitments are due at 5 p.m. ET on Friday, the source said.

Earlier, the term loan B was upsized from $500 million as the company reduced its senior secured notes offering to $850 million from $1.1 billion.

In addition to the term loan B, the company is looking to get a C$300 million revolver (Ba3).

RBC Capital Markets, Goldman Sachs & Co., Deutsche Bank Securities Inc. and TD Bank are the lead banks on the deal.

Proceeds from the credit facility and notes will be used to repay all outstanding debt under the company's existing senior secured credit facility.

Closing is expected before the end of this month.

Tervita is a Calgary, Alta.-based environmental management company for the oil and gas industry.

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