Hi-Crush plans to get $200 million ABL revolver, refinance term loan

By Sarah Lizee

Olympia, Wash., July 23 – Hi-Crush Partners LP plans to enter into a $200 million ABL senior secured revolving credit facility with JPMorgan Chase Bank, NA as administrative agent, according to a press release.

The new ABL facility will replace the company’s existing revolving credit facility.

The initial available borrowings under the ABL facility are expected to be $120.4 million. The borrowing base will be $141.8 million net of $21.4 million letter of credit commitments.

The financing is subject to customary closing conditions and is expected to close in the third quarter of 2018.

Additionally, the company intends to refinance its senior secured term loan credit facility using proceeds from a proposed offering of $450 million senior notes due 2026, according to a separate press release.

Proceeds from the offering will also be used to fund the cash portion of the purchase price of the company’s previously announced acquisition of FB Industries Inc. and for general partnership purposes.

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

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