Fairmount Minerals to launch $1.25 billion in term loans on Tuesday

By Sara Rosenberg

New York, March 17 - Fairmount Minerals Ltd. is scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch $1,248,000,000 in term loan debt, 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 debt consists of a $324 million first-lien term loan B-1 due March 15, 2017 and a $924 million first-lien term loan B-2 due Sept. 5, 2019, the source said.

Proceeds will be used to reprice the existing term loan B-1 from Libor plus 400 basis points with no floor and the existing term loan B-2 from Libor plus 400 bps with a 1% Libor floor.

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

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