|
The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Morgan Stanley Agents $325MM Refinance for Hi-Crush Partners
Wednesday, December 27, 2017
|
Lenders/Participants
|
Morgan Stanley Senior Funding [Administrative Agent, Collateral Agent]
|
|
Structure
|
$125MM Revolver; $200MM Term Loan
|
|
Amount
|
$325.000
Million
|
|
Borrower(s)
|
Hi-Crush Partner LP
|
|
Description
|
A new $200 million Senior Secured Term Loan Credit Agreement ("Term Loan"), and a new five year Revolving Credit Agreement. The new $200 million Term Loan replaces the Partnership’s previous $200 million Term Loan Credit Facility, extending maturity to December 2024 from April 2021 previously. Borrowings under the new Term Loan will bear interest at a rate equal to, at the Partnership’s option, either (1) a base rate plus an applicable margin of 2.75% per annum or (2) a Eurodollar rate plus an applicable margin of 3.75% per annum, subject to a LIBOR floor of 1.00%. The new Term Loan was rated B3 by Moody's Investor Service (“Moody’s”) and B- by Standard and Poor's Ratings Agency (“S&P”) . Both base rate loans and Eurodollar loans are subject to a 0.25% rate increase during any period of time in which the Partnership does not have a public corporate family rating of B2 or better from Moody’s. Hi-Crush’s corporate ratings are B3 by Moody’s and B- by S&P. The new five-year $125 million Revolving Credit Agreement replaces the company’s previous $75 million revolving credit facility, extending the maturity to December 2022 from December 2019 previously. There were no borrowings under the Partnership’s prior revolving credit facility at the time of closing, and the Partnership has no indebtedness under its new Revolving Credit Agreement. Borrowings under the 2017 Revolving Credit Agreement will bear interest at a rate equal to, at the Partnership’s option, either (1) a base rate plus an applicable margin ranging between 1.50% per annum and 2.25% per annum, based upon the Partnership’s leverage ratio, or (2) a LIBOR rate plus an applicable margin ranging between 2.50% per annum and 3.25% per annum, based upon the Partnership’s leverage ratio.
|
|
Industry
|
Metals and Mining
|
| Related Tags |
Morgan Stanley Senior Funding
|
ABL Advisor
Deal Tables
2025
|
|
|
|