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U.S. Silica launches $868 million term loan at SOFR plus 400 bps
By Sara Rosenberg
New York, March 12 – U.S. Silica Co. was scheduled to hold a lender call at 11:30 a.m. ET on Tuesday to launch an $868 million first-lien term loan B due March 2030 that is talked at SOFR plus 400 basis points with a 0.5% floor and an original issue discount of 99.5 to 99.75, according to a market source.
The term loan has 101 soft call protection for six months and no credit spread adjustment, the source said.
BNP Paribas Securities Corp. and MUFG are the joint lead arrangers on the deal, with BNP the sole bookrunner and administrative agent.
Commitments are due at 5 p.m. ET on March 20, the source added.
Proceeds will be used to reprice an existing $868 million term loan B due March 2030 down from SOFR+10 bps CSA plus 475 bps with a 0.5% floor.
U.S. Silica is a Katy, Tex.-based performance materials company and a provider of high value minerals and specialty products.
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