Bloomberg News

Total Safety Said to Increase Rate on $235 Million Loan for LBO

October 19, 2011

Oct. 19 (Bloomberg) -- Total Safety Inc., a provider of safety services to the oil and gas industry, increased the interest rate it will pay on a $235 million term loan it’s seeking to finance its buyout by Warburg Pincus LLC, according to a person with knowledge of the transaction.

The debt will pay 6.25 percentage points more than the London interbank offered rate compared with the 5.75 percentage points initially offered, said the person, who declined to be identified because the terms are private.

The company is proposing to sell the loan at 96 cents on the dollar compared with 97 cents initially proposed, reducing proceeds for the company and boosting the yield to investors

To contact the reporter on this story: Michael Amato in New York at mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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