Underwritten acquisition loan for UAE’s Lamprell

23 Jun 2011

Bank of America Merrill Lynch and HSBC have underwritten a $305m three year acquisition financing that backs UAE oil rig equipment engineer Lamprell’s takeover of Norway’s Maritime Industrial Services.

The financing package is split between a $150m three year acquisition facility, a $50m revolver, a $20m term loan, which are in syndication, and an $85m standby letter of credit facility provided by the bookrunners.

The acquisition and term loan pay an initial margin of 350bp over Libor which ...

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