Oxbow Seeks $1.7 Billion in Leveraged Loans as Debt Prices Gain

Oxbow Carbon LLC and Oxbow Calcining LLC are seeking $1.7 billion in loans to refinance borrowings after prices of floating-rate bank debt snapped a seven-week losing streak.

The miners and producers of petroleum coke, calcined petroleum coke, metallurgical coke, activated coal, carbon and natural gas will meet with lenders tomorrow at 10 a.m. in New York to discuss a $600 million revolving line of credit and a $250 million term loan A, both due in five years, a $500 million B term piece due in six years and a 6.5-year $350 million second-lien portion, according to a person with knowledge of the transaction, who asked not to be identified because the deal is private.

Loan prices climbed 0.29 cents on the dollar last week, to 97.42 cents, reversing seven straight weeks of losses, according to the Standard & Poor’s LSTA U.S. Leveraged Loan 100 Index.

Goldman Sachs Group Inc. and Jefferies Group LLC are arranging 250 million pounds ($373.5 million) in loans backing TPG Capital’s purchase of TSL Education Group Ltd. from Charterhouse Capital Partners LLP, according to two people with knowledge of the deal who asked not to be identified because it’s private.

CeramTec GmbH, the German ceramics unit being bought by Cinven Ltd. from Rockwood Holdings Inc. (ROC) for $2 billion, is getting $836.88 million in loans denominated in euros and dollars, a $128.75 million revolving line of credit and $386.25 million in bonds to back the transaction, according to two people with knowledge of the deal. Deutsche Bank AG, Royal Bank of Canada and UBS AG are arranging the financing, said the people who asked not to be identified because it’s private.

Findus Group Ltd., the London-based frozen food maker, is selling $610 million of bonds to repay loans, it said in an e-mailed statement. Meetings with investors will take place this week to market the notes, according to a person familiar with the sale who asked not to be identified because the offering is private. JPMorgan Chase & Co., Goldman Sachs Group Inc., Nordea Bank AB, and Societe Generale SA are managing the bond sale, the person said.

To contact the reporter on this story: Krista Giovacco in New York at kgiovacco1@bloomberg.net

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

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