Hi-Crush Partners talks $200 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Dec. 6 – Hi-Crush Partners LP launched on Wednesday its $200 million seven-year senior secured term loan B with price talk of Libor plus 400 basis points with a 25 bps step-down upon a B2 corporate rating, a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Commitments are due at noon ET on Dec. 14, the source added.

Proceeds will be used to refinance an existing term loan B due 2021.

Hi-Crush is a Houston-based producer, transporter, marketer and distributor of premium frac sand.

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