TMS International's Tube City subsidiary trims pricing on term loan B

By Angela McDaniels

Tacoma, Wash., March 27 - TMS International Corp. subsidiary Tube City IMS Corp. amended its $300 million senior secured term loan B due 2019, reducing the interest rate to Libor plus 375 basis points from Libor plus 450 bps.

The Libor floor was reduced to 1% from 1.25%, according to an 8-K filing with the Securities and Exchange Commission.

The amendment was made March 21.

JPMorgan Chase Bank, NA is the administrative agent.

Through its subsidiaries, TMS provides outsourced industrial services to steel mills. TMS and Tube City are based in Glassport, Pa.

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