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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
PNC Agents $135MM ABL Facility for Layne Christensen Company
Wednesday, April 16, 2014
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Lenders/Participants
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PNC Bank [Administrative Agent, Co-Collateral Agent, Lender]
Wells Fargo Bank [Co-Collateral Agent, Lender]
Jefferies Finance [Lead Arranger, Book Manager, Syndication Agent, Lender]
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Structure
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Revolver w/Accordion Up to $200MM
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Amount
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$135.000
Million
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Borrower(s)
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Layne Christensen Company
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Description
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A new five-year $135 million senior secured asset-backed revolving credit facility (the "ABL Facility"). The ABL Facility will bear interest at a rate of LIBOR plus 2.75 - 3.25%, depending on average utilization, as determined quarterly. The ABL Facility has an accordion feature that could increase the borrowing capacity to up to $200 million.
Layne will initially use funds available under the ABL Facility to cash collateralize approximately $31 million of outstanding letters of credit associated with its prior bank agreement until such letters of credit can be transitioned to the ABL Facility and from time to time for working capital and general corporate purposes. In connection with the closing of the ABL Facility, Layne terminated its prior $150 million credit facility.
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Industry
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Energy Services
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| Related Tags |
Jefferies Finance, PNC Bank, Wells Fargo Bank
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ABL Advisor
Deal Tables
2024
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