FMSA subsidiary extends $46 million of tranche B-1 term loans to 2019

By Toni Weeks

San Luis Obispo, Calif., May 5 – FMSA Holdings Inc. direct wholly owned subsidiary Fairmount Santrol Inc. amended its credit agreement on April 30 with Barclays Bank plc as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for the extension of the maturity date of a portion of outstanding tranche B-1 term loans to Sept. 5, 2019 from March 15, 2017.

The extended date is the same maturity date as that of the company’s existing tranche B-2 term loans, thus the extended B-1 loans will convert to tranche B-2 term loans and be treated as tranche B-2 term loans under the credit agreement for all purposes, including pricing, except that, prior to the previous March 15, 2017 maturity date, extended B-1 loans will continue to amortize as tranche B-1 term loans.

After giving effect to the amendment, the maturity of about $46 million principal amount of outstanding tranche B-1 term loans has been extended, leaving $272.1 million principal amount of outstanding tranche B-1 term loans maturing on March 15, 2017 and $958.2 million principal amount of outstanding tranche B-2 term loans maturing on the extended maturity date.

Chesterland, Ohio-based FMSA provides sand and sand-based products used by oil and gas exploration and production companies.

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