Preferred Proppants seeks $350 million loan at Libor plus 575-600 bps

By Sara Rosenberg

New York, July 30 – Preferred Proppants (Preferred Sands LLC) held a bank meeting on Wednesday, launching its $350 million first-lien term loan at talk of Libor plus 575 basis points to 600 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 hard call protection for 24 months, the source said.

Jefferies Finance LLC and KKR Capital Markets are the leads on the deal.

The loan, along with equity, will be used to refinance the company’s entire capital structure.

Commitments are due on Aug. 7, the source added.

Preferred Proppants is a Radnor, Pa.-based supplier of frac sand.

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