EP Minerals ups talk on first-lien term loan to Libor plus 450-475 bps

By Sara Rosenberg

New York, Aug. 7 – EP Minerals LLC increased price talk on its $175 million first-lien term loan (B2/B+) to Libor plus 450 basis points to 475 bps from Libor plus 425 bps, according to a market source.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99˝ and 101 soft call protection for six months.

The company’s $275 million senior secured credit facility also includes a $25 million revolver (B2/B+) and a $75 million second-lien term loan (Caa2/CCC+).

Talk on the second-lien term loan was unchanged at Libor plus 725 bps to 750 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

BMO Capital Markets and BNP Paribas Securities Corp. are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

EP Minerals is a Reno, Nev.-based provider of diatomaceous earth and perlite filter aids, functional additives and absorbents.

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