Minerals Technologies enters into $300 million refinancing revolver

By Tali Rackner

Minneapolis, April 20 – Minerals Technologies Inc. amended its credit agreement on Wednesday to provide for a new $300 million senior secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative and collateral agent.

The new revolver matures on April 18, 2023 and replaces the company’s existing $200 million revolver.

The credit agreement also includes an existing $788 million senior secured floating-rate term loan facility and $300 million senior secured fixed-rate term loan facility.

Revolving loans bear interest at Libor plus 162.5 basis points, with step-downs of up to 25 bps based on leverage.

The commitment fee is 30 bps, subject to step-downs to 25 bps and 20 bps, also depending on leverage.

Minerals Technologies is a New York-based resource- and technology-based growth company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.