U.S. SILICA HOLDINGS, INC.: debt financing — U.S. Silica completes $1.1B credit facility refinancing, extends maturities to 2028/2030

U.S. SILICA HOLDINGS, INC.

New $1.1B senior secured facility: $950M Term Loan B due 2030 and $150M revolver due 2028 (up from $100M).
Net proceeds from term loan plus cash used to extinguish $109M of debt; over $250M debt retired in last nine months.
Term loan bears SOFR + 4.75% (0.10% credit spread adj.) with 0.5% floor; base rate + 3.75%.
Covenants include maximum consolidated leverage ratio of 4.00:1.00 tied to revolver usage threshold.
BNP Paribas, MUFG, TCBI, KeyBank arranged the transaction; proceeds for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

U.S. SILICA HOLDINGS, INC. incurred credit facility of $1.1 billion senior secured credit facility, consisting of a $950 million Term Loan B and a $150 million revolving credi with BNP Paribas at Term Secured Overnight Financing Rate plus a credit spread adjustment of 0.10% p maturing The term loan matures on March 23, 2030 and the revolving credit facility commitment expires March 23, 2028.

Instrument: credit facility
Principal: $1.1 billion senior secured credit facility, consisting of a $950 million Term Loan B and a $150 million revolving credi
Counterparty: BNP Paribas
Rate: Term Secured Overnight Financing Rate plus a credit spread adjustment of 0.10% p
Maturity: The term loan matures on March 23, 2030 and the revolving credit facility commitment expires March 23, 2028
Event: incurrence

Exact text from the filing

On March 23, 2023, U.S. Silica Holdings, Inc. (the “Company”), through its subsidiaries, USS Holdings, Inc., as guarantor, U.S. Silica Company (“U.S. Silica”), as borrower, and certain of U.S. Silica’s subsidiaries as additional guarantors (collectively, the “Loan Parties”), entered into the Fourth Amended and Restated Credit Agreement with BNP Paribas, as administrative agent, and the lenders named therein (the “Credit Agreement”). The Credit Agreement is comprised of a new $1.1 billion senior secured credit facility, consisting of a $950 million Term Loan B and a $150 million revolving credit facility that may also be used for swingline loans or letters of credit, and U.S. Silica may elect to increase the term loan or the revolving credit facility as defined in the Credit Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

U.S. SILICA HOLDINGS, INC. entered into Fourth Amended and Restated Credit Agreement with BNP Paribas valued at $1.1 billion senior secured credit facility ($950 million Term Loan B + $150 million revolving credi (effective 2023-03-23).

Action: entry
Agreement: credit facility
Counterparty: BNP Paribas
Value: $1.1 billion senior secured credit facility ($950 million Term Loan B + $150 million revolving credi
Effective: 2023-03-23

Exact text from the filing

On March 23, 2023, U.S. Silica Holdings, Inc. (the “Company”), through its subsidiaries, USS Holdings, Inc., as guarantor, U.S. Silica Company (“U.S. Silica”), as borrower, and certain of U.S. Silica’s subsidiaries as additional guarantors (collectively, the “Loan Parties”), entered into the Fourth Amended and Restated Credit Agreement with BNP Paribas, as administrative agent, and the lenders named therein (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-077966

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