Cyanco launches $415 million credit facility to investors

By Sara Rosenberg

New York, April 11 - Cyanco Intermediate Corp. launched a $415 million credit facility on Thursday that includes a $400 million seven-year term loan B and a $15 million five-year revolver, according to a market source.

Deutsche Bank Securities Inc., Jefferies Finance LLC and Macquarie Capital are leading the deal.

Price talk on the term loan B is Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99 to 991/2, the source said.

Proceeds will be used to refinance existing debt and fund a $260 million dividend.

Commitments are due on April 24.

Leverage is 4.6 times, the source added.

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

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