Fairmount Minerals to launch $1.29 billion credit facility on Monday

By Sara Rosenberg

New York, July 31 - Fairmount Minerals Ltd. set a bank meeting for Monday with a 1:30 p.m. ET registration time to launch a $1,285,000,000 senior secured credit facility, according to a market source.

Barclays, KeyBanc Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC are the bookrunners on the deal.

The facility consists of a $75 million five-year revolver, a $250 million first-lien term loan B-1 due March 15, 2017 and a $960 million six-year first-lien term loan B-2, the source said.

Proceeds will be used to help fund the acquisition of nearly all of FTS International's sand mining operations, resin-coating plants and distribution terminals, and to refinance an existing senior secured credit facility.

Closing on the acquisition is expected by the end of the third quarter.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.