Grinding Media to launch $875 million term loan B on Friday

By Sara Rosenberg

New York, Sept. 9 – Grinding Media Inc. (Molycop Ltd.) is scheduled to hold a lender call at 11 a.m. ET on Friday to launch an $875 million seven-year term loan B (B2), according to a market source.

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Ally and CIBC are the arrangers on the deal. JPMorgan is the administrative agent.

Price talk on the term loan is Libor plus 425 basis points to 450 bps with a 0.75% Libor floor and an original issue discount of 99, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Sept. 21, the source added.

Proceeds will be used to redeem outstanding senior notes due 2023, pay a one-time dividend and pay fees and expenses.

Grinding Media is a provider of mission-critical, consumable grinding media for primarily copper, gold and iron ore producers.

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