By Paul A. Harris
St. Louis, Sept. 28 - Vulcan Energy Corp. priced a $280 million six-year term loan at 99.50 on Monday, according to a market source.
The deal priced at the rich end of the 99.00 to 99.50 price talk.
The coupon is Libor plus 325 basis points, with a 2% Libor floor.
Bank of America led the deal, which also features a $5 million three-year revolving credit facility.
Proceeds will be used to refinance existing bank debt.
The deal was being marketed mainly to existing investors.
Vulcan Energy is a Houston-based midstream energy holding company.
| Issuer: | Vulcan Energy Corp.
|
| Amount: | $280 million
|
| Maturity: | Six years
|
| Description: | Term loan
|
| Bookrunner: | Bank of America
|
| Coupon: | Libor plus 325 bps
|
| Price: | 99.50
|
| Libor floor: | 2%
|
| Price talk: | 99.00 to 99.50
|
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