International-Matex talks $450 million loan at Libor plus 550-575 bps

By Sara Rosenberg

New York, Dec. 2 – International-Matex Tank Terminals (RS Ivy Holdco) launched on Wednesday its $450 million seven-year senior secured term loan (B2) with price talk of Libor plus 550 basis points to 575 bps with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan has 101 soft call protection for six months, a debt service coverage ratio covenant and a debt service reserve account of six months of interest and amortization on the term loan.

Jefferies LLC, Goldman Sachs Bank USA and Barclays are the bookrunners on the deal.

Commitments are due at the close of business on Dec. 16, the source added.

Proceeds will be used to help fund the acquisition of the company by Riverstone Holdings LLC from Macquarie Infrastructure Corp. for total consideration of $2.685 billion.

Closing is expected in late 2020 or early in 2021, subject to customary approvals and conditions.

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

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