International-Matex flexes $650 million loan to Libor plus 275 bps

By Sara Rosenberg

New York, June 23 – International-Matex Tank Terminals (ITT Holdings LLC) reduced pricing on its $650 million seven-year senior secured term loan to Libor plus 275 basis points from talk in the range of Libor plus 300 bps to 325 bps, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5, 101 soft call protection for six months and a debt service coverage ratio covenant.

The company’s $950 million of credit facilities (Ba2/BB) also include a $300 million five-year revolver.

Jefferies LLC, Wells Fargo Securities LLC, CIBC, First Horizon, MUFG and Regions Bank are the bookrunners on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used with $1.22 billion of senior notes to refinance existing debt and fund a distribution.

International-Matex is a New Orleans-based handler and storer of bulk liquid products.

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