Daily News: November 21, 2012

Stallion Seeks Increase, Commitments for New Financing


Stallion Oilfield Holdings announced today that it is seeking commitments for a new senior secured term loan in an aggregate principal amount of up to $500 million and an increase of commitments under its existing asset-based loan facility from $50 million to $75 million.

Credit Suisse will act as sole bookrunner and sole lead arranger for the term loan. Bank of America will continue to act as administrative agent under the ABL.

The proceeds from the term loan are intended to be used to redeem the company’s remaining $134 million senior secured notes due 2015, fund a portion of an approximately $385 million dividend to the company’s stockholders, and fund transaction costs and for other corporate purposes.

Stallion Oilfield Holdings and its subsidiaries provide wellsite support, completion, production and logistics services to oil and gas exploration and production companies, drilling contractors and other service companies throughout the U.S.