Fairmount Minerals to launch $775 million credit facility on Thursday

By Sara Rosenberg

New York, July 9 - Fairmount Minerals Ltd. is scheduled to hold a bank meeting on Thursday to launch its proposed $775 million senior secured credit facility, according to a market source.

Barclays, KeyBank, Bank of America and PNC are the lead banks on the deal, with Barclays the left lead.

The facility consists of a $75 million revolver, a $150 million term loan A and a $550 million term loan B, the source said, adding that price talk is not yet available.

Proceeds will be used to help fund the acquisition of the company by American Securities.

Fairmount Minerals is a Chardon, Ohio-based producer of industrial sand.

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