Covia gets commitment for $85 million facility, scraps old revolver

By Marisa Wong

Los Angeles, Dec. 31 – Covia Holdings Corp. said it has received a commitment from PNC Bank, NA for a new three-year credit facility for up to $85 million.

The facility is expected to bear interest at Libor plus 175 basis points, according to a press release.

In connection with the commitment for the new facility, Covia notified administrative agent Barclays Bank plc on Dec. 24 that it will voluntarily cancel its $200 million revolving credit facility dated June 1, 2018, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The termination will take effect Dec. 31.

The $1.65 billion term loan under the same June 1, 2018 credit agreement is not impacted by and will remain in place following termination of the revolver, the company noted.

Covia is an Independence, Ohio-based provider of mineral-based material products for the industrial and energy markets.

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