U.S. Silica Holdings, an industrial minerals company, entered into a fourth amended and restated credit agreement of $1.1 billion. The credit facility consists of a $950 million senior secured term loan B due March 2030, and as part of the transaction, the company also increased its revolving credit facility due March 2028 to $150 million from $100 million. The company used the net proceeds from the term loan, along with excess cash on its balance sheet, to extinguish $109 million of outstanding debt and for associated refinancing fees.
“We are pleased to opportunistically refinance our debt two years ahead of maturity as we continue to strengthen our balance sheet and improve our leverage profile,” Bryan Shinn, CEO of U.S. Silica Holdings, said. “Including this transaction, U.S. Silica will have extinguished more than $250 million of long-term debt over the last nine months. Our company remains well positioned to continue to generate strong earnings and cash flow, affording us the ability to further reduce debt and invest in the organic growth of our industrial and specialty products segment.”
BNP Paribas Securities, MUFG Bank, TCBI Securities and KeyBank arranged the transaction, with BNP Paribas serving as administrative agent.
