International-Matex lifts term loan to $500 million, updates pricing

By Sara Rosenberg

New York, Dec. 17 – International-Matex Tank Terminals (RS Ivy Holdco) upsized its seven-year senior secured term loan to $500 million from $450 million and set pricing at Libor plus 550 basis points, the low end of the Libor plus 550 bps to 575 bps talk, according to a market source.

Also, the original issue discount on the term loan was changed to 98.5 from 98, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

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

Recommitments were scheduled to be due at 1 p.m. ET on Thursday, 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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