Grinding Media lifts term loan B to $925 million, lowers pricing

By Sara Rosenberg

New York, Sept. 21 – Grinding Media Inc. (Molycop Ltd.) increased its seven-year term loan B to $925 million from $875 million and reduced pricing to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

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

Proceeds will be used to redeem outstanding senior notes due 2023, pay a one-time dividend, which was increased with the term loan upsizing, and pay fees and expenses.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.