Oxbow Carbon trims term loan B to $350 million, updates pricing

By Sara Rosenberg

New York, Oct. 9 – Oxbow Carbon downsized its five-year term loan B to $350 million from $400 million and set pricing at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for one year.

BofA Securities Inc., J.P. Morgan Securities LLC, Rabobank, Truist, Capital One and Citizens Bank are the leads on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Friday, the source said.

Allocations are expected on Tuesday.

Proceeds will be used to refinance existing debt.

Oxbow Carbon is a West Palm Beach, Fla.-based recycler of refinery and natural gas byproducts.

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