International-Matex talks $750 million loan at SOFR plus 300-325 bps

By Sara Rosenberg

New York, Sept. 26 – International-Matex Tank Terminals (ITT Holdings LLC) launched on Tuesday its $750 million seven-year sustainability-linked term loan B with price talk of SOFR plus 300 basis points to 325 bps with a 0.5% floor and an original issue discount of 98 to 98.25, according to a market source.

The term loan has 101 soft call protection for six months, a debt service coverage ratio covenant of 1.1x, no CSA and amortization of 1% per annum.

In addition, the term loan has two sustainability KPIs that are based on capital expenditures related to renewable and low carbon capacity, and supplier diversity, which will be tested annually and provide for pricing adjustments of up to +/- 7.5 bps.

Security is a first priority security interest in substantially all assets of the borrower and guarantors.

Wells Fargo Securities LLC, CIBC and MUFG are the arrangers on the deal. CIBC is the sustainability structuring agent.

Commitments are due at noon ET on Oct. 5.

Proceeds will be used to refinance an existing senior secured term loan B due 2028 and to fund cash to the balance sheet.

International-Matex is a New Orleans-based pure play bulk liquid storage and handling provider.

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