Terra Millennium talks $535 million term loans at SOFR plus 550 bps

By Sara Rosenberg

New York, June 16 – Terra Millennium Corp. launched on Thursday its $435 million seven-year covenant-lite first-lien term loan and $100 million delayed-draw covenant-lite first-lien term loan with price talk of SOFR plus 550 basis points with a 0.5% floor and an original issue discount of 93 to 94, according to a market source.

The term loan debt has 101 soft call protection for six months, the source said.

The company’s $585 million of credit facilities (B2/B) also include a $50 million five-year revolver.

Macquarie Capital and Stifel are the leads on the deal.

Commitments are due on June 28, the source added.

Proceeds will be used to help fund the buyout of the company by H.I.G. Capital from Court Square Capital Partners.

Closing is expected in this quarter, subject to customary conditions.

Terra Millennium is a Salt Lake City-based provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services.

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