Minerals Technologies flexes term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, April 10 - Minerals Technologies Inc. raised pricing on its $1.56 billion seven-year covenant-light term loan B to Libor plus 325 basis points from talk of Libor plus 250 bps to 275 bps, according to a market source.

Furthermore, the original issue discount on the B loan was changed to 99 from 99½ and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0.75% Libor floor.

The company's $1.76 billion senior secured credit facility (Ba3/BB) also includes a $200 million five-year revolver.

J.P. Morgan Securities LLC is the lead arranger and bookrunner on the deal.

Proceeds will be used to help fund the purchase of Amcol International Corp. for $45.75 per share in cash, for a total value of about $1.7 billion.

Other funds for the acquisition will come from cash on hand.

Closing is expected in the first half of this year, subject to customary conditions.

Minerals Technologies is a New York-based resource- and technology-based growth company that develops, produces and markets specialty mineral, mineral-based and synthetic mineral products and related systems and services. Amcol is a Hoffman Estates, Ill.-based producer and marketer of specialty minerals and materials used for industrial, environmental and consumer-related applications.

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