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BNP Paribas Agents $1.1B Credit Agreement Amendment, Restatement for U.S. Silica

March 24, 2023, 07:07 AM
Filed Under: Oil & Gas

U.S. Silica Holdings, a diversified industrial minerals company and the leading last-mile logistics provider to the oil and gas industry, announced that it has 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 has also increased its Revolving Credit Facility to $150 million from $100 million due March 2028. The Company used the net proceeds from the Term Loan, along with excess cash on the balance sheet, to extinguish $109 million of outstanding debt and for associated refinancing fees.

The transaction was arranged by BNP Paribas Securities Corp., MUFG Bank, Ltd., TCBI Securities, Inc., and KeyBank National Association. BNP Paribas served as administrative agent.

Bryan Shinn, Chief Executive Officer, commented, "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. 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."

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