EP Minerals launches $275 million credit facility to investors

By Sara Rosenberg

New York, July 28 – EP Minerals LLC held a bank meeting on Monday to launch a $275 million senior secured credit facility, according to a market source.

BMO Capital Markets and BNP Paribas Securities Corp. are the lead banks on the deal.

The facility consists of a $25 million revolver (B2), a $175 million first-lien term loan (B2) and a $75 million second-lien term loan (Caa2), the source said.

Price talk on the first-lien term loan is Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 725 bps to 750 bps with a 1% Libor floor and a discount of 99½, the source continued.

Proceeds will be used to refinance existing debt and fund a dividend.

EP Minerals is a Reno, Nev.-based provider of diatomaceous earth and perlite filter aids, functional additives and absorbents.

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