CIBC Capital Markets and Antares Capital have joined Deutsche Bank's $100 million deal for Aquila Power Services, a portfolio company of private-equity firmFirst Reserve. The deal, which comprises a five-year, $25 million revolver and a $75 million five-and-a-half year term loan, partially backs the acquisition of Welding Services, said a source familiar with the deal. The tranches carry an out-of-the-box spread of LIBOR plus 4%.
The bank meeting was held earlier this month and the two firms have joined Deutsche Bank at the top tier, said a banker. Fees on offer are 1 1/2 % for $15 million tickets while $10 million earns 1%. Aquila Power Services, the Houston-based holding company formed in November 2001 provides equipment and services to the power generation industry. Aquila has already completed the purchase of C&W Fabricators for approximately $60 million, said an official with Aquila.