TRC releases talk on $375 million credit facilities with launch

By Sara Rosenberg

New York, May 11 – TRC Cos. Inc. revealed price talk on $375 million in credit facilities in connection with its bank meeting on Thursday, according to a market source.

The $60 million five-year revolver is talked at Libor plus 475 basis points, and the $315 million seven-year covenant-light first-lien term loan is talked at Libor plus 475 bps with a 1% Libor floor and an original issue discount of 99, the source said.

UBS Investment Bank, Barclays and Citizens are the bookrunners on the deal.

Commitments are due on May 24, the source added.

Proceeds will be used to help fund the buyout of the company by New Mountain Capital LLC in an all-cash transaction valued at $17.55 per share of common stock.

Closing is expected before June 30, subject to the approval of TRC’s stockholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary conditions.

TRC is a Windsor, Conn.-based engineering, environmental consulting and construction management firm.

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