International-Matex talks $650 million loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, June 15 – International-Matex Tank Terminals (ITT Holdings LLC) launched on Tuesday its $650 million seven-year senior secured term loan with price talk of Libor plus 300 basis points to 325 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant.

The company’s $950 million of credit facilities (Ba2/BB) also include a $300 million five-year revolver.

Jefferies LLC, Wells Fargo Securities LLC, CIBC, First Horizon, MUFG and Regions Bank are the bookrunners on the deal.

Commitments are due on June 23, the source added.

Proceeds will be used with senior unsecured debt to refinance existing debt and fund a distribution.

International-Matex is a New Orleans-based handler and storer of bulk liquid products.

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