Cyanco Intermediate to launch $50 million add-on term loan on Thursday

By Sara Rosenberg

New York, Dec. 10 - Cyanco Intermediate Corp. is scheduled to hold a call at 10 a.m. ET on Thursday to launch a $50 million add-on term loan due April 2020 that is priced at Libor plus 450 basis points with a 1% Libor floor, according to a market source.

The offer price on the loan is not yet available.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to fund a dividend.

With the new debt, the company is seeking an amendment to its existing credit facility to allow for the dividend payment, reset covenant levels and waive the excess cash flow sweep due in the first quarter of 2014, the source added.

Lenders are being offered a 5 bps amendment fee.

Cyanco is a Reno, Nev.-based supplier of sodium cyanide to the mining industry.

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