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U.S. Silica wraps tender for $50 million of its term loan B at 96.25
By Sara Rosenberg
New York, Oct. 24 – U.S. Silica Holdings Inc. completed a tender offer for $50 million of its $1.112 billion covenant-lite term loan B due May 2025 at a price of 96.25, according to a market source.
BNP Paribas Securities Corp. led the deal.
Funds for the tender offer came from cash on hand.
“We are pleased to utilize an additional portion of our robust year-to-date cash flow to deliver on our commitment to strengthen our balance sheet and improve U.S. Silica’s leverage profile. This brings our total 2022 debt repurchases to $150 million. We continue to see strong performance across both of our business segments and remain focused on the execution of our long-term strategy to create shareholder value,” said Bryan Shinn, chief executive officer, in a news release.
U.S. Silica is a Katy, Tex.-based industrial minerals and logistics company.
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