Cyanco sets price talk on first-, second-lien term loans with launch

By Sara Rosenberg

New York, Feb. 21 – Cyanco Intermediate 2 Corp. released price talk on its $380 million seven-year covenant-light first-lien term loan and $100 million eight-year covenant-light second-lien term loan with its bank meeting on Wednesday, according to a market source.

The first-lien term loan is talked at Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 750 bps with a 0% Libor floor and a discount of 99, 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.

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

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

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.