Minerals Technologies launches roughly $1.4 billion of term loans

By Sara Rosenberg

New York, June 12 – Minerals Technologies Inc. held a call on Friday to launch a $1,028,000,000 term loan B due May 2021 and a $350 million fixed-rate term loan, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan B is Libor plus 300 basis points with a step-down to Libor plus 275 bps if net leverage is below 2.25 times starting in the second quarter after closing, a 0.75% Libor floor and an issue price of 99.75 to par, the source said.

The term loan B has 101 soft call protection for six months.

Talk on the fixed-rate loan is 4.5% to 4.75%.

The fixed-rate loan is non-callable for one year, then at 102 in year two and 101 in year three, the source continued.

Proceeds will be used to refinance/reprice an existing term loan B that is priced at Libor plus 325 bps with a step-down to Libor plus 300 bps at 2.5 times net total leverage and a 0.75% Libor floor.

Minerals Technologies is a New York-based resource- and technology-based growth company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services.

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