Fairmount Minerals talks term loan B at Libor plus 475-500 bps, pro rata at Libor plus 450 bps

By Sara Rosenberg

New York, July 15 - Fairmount Minerals Ltd. launched its $550 million term loan B on Thursday with price talk of Libor plus 475 basis points to 500 bps with a 1.75% Libor floor and an original issue discount in the 98 to 98½ area, according to a market source.

The company's $75 million revolver and $150 million term loan A were launched at Libor plus 450 bps, the source said.

The term loan A has a 1.75% Libor floor and is being offered at a discount of 981/2.

Barclays, KeyBank, Bank of America and PNC are the lead banks on the $775 million senior secured credit facility (B1), with Barclays the left lead.

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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