Oxbow Carbon & Minerals launches $1.1 billion credit facility

By Sara Rosenberg

New York, April 17 - Oxbow Carbon & Minerals Holdings Inc. held a bank meeting on Tuesday to launch its proposed $1.1 billion credit facility, according to a market source.

Bank of America is the lead bank on the deal.

The facility consists of a $950 million term loan and a $150 million revolver, with both tranches talked at Libor plus 225 to 250 basis points, the source said.

Proceeds will be used to fund the acquisition of Great Lakes Carbon Income Fund at C$14.00 per unit in cash.

Oxbow Carbon & Minerals is part of the Oxbow Group, a West Palm Beach, Fla., private energy company.

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