Oxbow Carbon launches $350 million term loan at SOFR plus 375-400 bps

By Sara Rosenberg

New York, April 27 – Oxbow Carbon LLC held a lender call at 2 p.m. ET on Thursday to launch a $350 million seven-year term loan B that is talked at SOFR+10 basis points CSA plus 375 bps to 400 bps with a 0.5% floor and an original issue discount of 98, according to a market source.

The term loan B has 101 soft call protection for one year, the source said.

The company’s $900 million of credit facilities (B1/BB-) also include a $325 million revolver and a $225 million term loan A.

BofA Securities Inc., JPMorgan Chase Bank, Rabobank, Truist, Capital One, Citizens, Wells Fargo Securities LLC and others to be announced are the arrangers on the deal.

Commitments are due at 10 a.m. ET on May 5, the source added.

Proceeds will be used to refinance the company’s existing senior secured credit facilities.

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

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