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Article: Bank of America Shops Vulcan TLB.(Loan Market Buzz)
- Article from:
- Bank Loan Report
- Article date:
- September 28, 2009
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Byline: Editorial Staff
Bank of America isshopping a $250 million term loan B for Vulcan Energy, a Houston, Texas-based energy holding company. Price talk is at Libor plus 325 bps, with an OID between 99 and 99.5. Standard & Poor's rated the term loan BBbecause of the company's reliance on dividends from Plains All American Pipeline, which Vulcan owns 9.1% of, "to support its debt service and administrative expenses," David Lundberg, a Standard & Poor's analyst in New York, said in a report. On the positive side, the ratings reflect Vulcan's large and diverse network of pipelines, which provide it with a stable cash flow, and its management's strong track record. ...