BNP Paribas' bank deal for Navis Partners, backing the acquisition of MACTEC from CHB Capital Partners, hit the street running. A banker said some accounts committed to the $140 million, seven-year "B" tranche before the Jan. 18 launch and the "B" tranche is on its way to filling up. The deal also comprises a five-year, $35 million revolver. Pricing is LIBOR plus 4 1/4 % on the term loan "B" and LIBOR plus 33/ 4% on the revolver.
MACTEC provides environmental services, including planning, assessment, engineering and design, technology application, environmental restoration and waste management. The deal price is said to be $260 million and debt is 2.8 times EBITDA. Habib Gorgi, managing director of Navis, did not return calls. Calls to BNP were not returned.