Cyanco readies launch of $480 million in term loans for Wednesday

By Sara Rosenberg

New York, Feb. 15 – Cyanco Intermediate 2 Corp. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $480 million of term loans, according to a market source.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

The debt consists of a $380 million seven-year covenant-light first-lien term loan and a $100 million eight-year covenant-light second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at the end of the day on March 7, the source added.

Proceeds will be used to help fund the buyout of the company by Cerberus Capital Management LP from Oaktree Capital Management LP.

Cyanco is a Pearland, Texas-based supplier of sodium cyanide used for the extraction of gold and silver.

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