U.S. Silica Holdings closes $150 million five-year revolver

By Marisa Wong

Los Angeles, March 23 – U.S. Silica Holdings, Inc. entered into a $150 million revolving credit facility under a $1.1 billion fourth amended and restated credit agreement dated March 23, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement also includes a previously announced $950 million term loan B.

Subsidiary USS Holdings, Inc. is a guarantor and subsidiary U.S. Silica Co. a borrower under the credit facility.

BNP Paribas is administrative agent. BNP Paribas Securities Corp., MUFG Bank Ltd., TCBI Securities, Inc. and Keybank NA are lead arrangers.

The revolver may be used for swingline loans or letters of credit.

The revolver commitment expires March 23, 2028.

Borrowings bear interest at term SOFR +10 basis points CSA plus 475 bps, subject to a 0% floor.

In addition, the company is required to pay a commitment fee of 50 bps that can step down to 37.5 bps.

The credit agreement requires the loan parties and their subsidiaries to maintain a consolidated leverage ratio of no more than 4.00 to 1.00 as of the last day of any fiscal quarter whenever the ratio of the revolver commitment to usage is less than or equal to 2.85 to 1.00.

U.S. Silica is a Katy, Tex.-based industrial minerals and logistics company.

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