BHI Energy allocates first-lien credit facilities as pricing finalizes at talk

By Sara Rosenberg

New York, Aug. 25 – BHI Energy Inc. communicated allocations for its $244 million of first-lien credit facilities on Friday, according to a market source.

The first-lien facilities consist of a $70 million five-year revolver and a $174 million seven-year first-lien term loan.

Pricing on the first-lien term loan firmed in line with talk at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

The term loan includes 101 soft call protection for six months and a maximum total net leverage ratio.

Antares Capital is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by AE Industrial Partners.

Other funds for the transaction will come from a separately placed $65 million second-lien term loan.

BHI Energy is a Weymouth, Mass.-based provider of critical on-site services needed to support the daily operations, routine maintenance and capital investment requirements for the power generation, oil & gas and transmission & distribution end markets.

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