RepconStrickland shifts $10 million amongst term loans, widens B loan OID slightly

By Sara Rosenberg

New York, April 10 - RepconStrickland moved $10 million out of its term loan B and into its term loan A, and increased the original issue discount on the term loan B to 98.75 from 99, according to a market source.

The oversubscribed five-year term loan A is now sized at $85 million, up from $75 million, and the six-year term loan B is now sized at $90 million, down from $100 million, the source said.

RepconStrickland's $225 million credit facility also includes a $50 million five-year revolver.

Pricing on all tranches firmed in line with initial talk, so the revolver and the term loan A are priced at Libor plus 350 basis points, and the term loan B is priced at Libor plus 475 bps.

As was originally proposed, the term loan B has a 3.25% Libor floor.

KeyBank acted as the lead bank on the deal that allocated on Thursday.

Proceeds were used to help fund Arclight Capital LLC's acquisition of Repcon Inc., which was then merged with Arclight's existing portfolio company, AltairStrickland Group, to create RepconStrickland.

RepconStrickland is a provider of services to the refining, petrochemical and energy industries.

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