Larchmont Resources to launch $275 million term loan on Thursday

By Sara Rosenberg

New York, July 9 - Larchmont Resources LLC will hold a bank meeting at 1:30 p.m. ET in New York on Thursday to launch a $275 million senior secured first-lien term loan, according to a market source.

Barclays and Jefferies Finance LLC are the leads on the deal.

Proceeds will be used to refinance existing debt.

Net leverage is 3.3 times, the source added.

Larchmont Resources is a privately held entity owned by Aubrey K. McClendon and EIG Global Energy Partners that holds oil and gas interests that McClendon purchased through his participation in the Chesapeake Energy Corp. Founders Well Participation Program.

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