International-Matex launches $748 million term B at SOFR plus 300 bps

By Sara Rosenberg

New York, April 1 – International-Matex Tank Terminals (ITT Holdings LLC) was scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $748 million sustainability-linked term loan B due Oct. 11, 2030 that is talked at SOFR plus 300 basis points with a 0.5% floor and a par issue price, 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 and amortization of 1% per annum.

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

Cashless roll commitments are due at noon ET on Thursday, and new money commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 325 bps with a 0.5% floor.

Riverstone is the sponsor.

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

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