Daily News: August 20, 2013

Fairmont Minerals Said to Reconfigure Loans

Bloomberg reported, citing a person with knowledge of the transaction, that Fairmount Minerals, the industrial-sand producer owned by American Securities, increased the size of a first-lien loan to $325 million from $250 million and reduced the size of a $960 million loan to $885 million.

Bloomberg noted the transaction, which supports the company’s acquisition of FTS International Services’ sand reserves, includes a $75 million revolving line of credit.

Bloomberg said Barclays, KeyCorp, PNC Financial and Wells Fargo are arranging the financing.

To read the entire Bloomberg story, click here.