Credit Suisse First Boston has increased the pricing on its deal for Washington Group International after investors cited it as a storied credit that is a tough sell. The spread is now up to
5 1/2 % over LIBOR, while the $150 million synthetic term loan also offers 3% upfront. The $200 million three-year revolver has a 11/2 % upfront fee. Launched at the end of November, the credit, which funds the company's exit from bankruptcy, initially offered LIBOR plus 4% and LIBOR plus 3%, respectively. The deal carries an unusual twist of offering a synthetic term-loan structure so institutional investors can participate to fund letter of credit and revolver requirements. Spokeswoman Katrina Puett of the Washington Group did not return calls.