Banks Launch Road Show for EnergySolutions
July 29, 2010
Salt Lake City-based EnergySolutions plans to issue $350 million in senior notes due 2018 to help refinance its existing credit facility, the company said Wednesday.
JPMorgan, Credit Suisse and Citigroup launched a road show Wednesday that will likely end Aug. 4 with the notes being sold, according to sources.
The banks are also marketing a $560 million term loan B for the company (LFN, July 16, 2010). Pricing on the loan has been set at Libor plus 450 bps, with an OID between 98 and 98.5 and a 1.75% Libor floor. Commitments are due by July 29. Pricing and timing have not yet been determined for the bond deal. The banks have also arranged a $125 million revolver.
Moody’s Investors Service rated the proposed notes B3 and gave a Ba2 rating to the new credit facilities. Standard & Poor’s assigned the proposed notes a BB- rating and a BB+ rating to the new credit facilities.
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