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Hi-Crush Partners LP completes acquisition of augusta facility and closes long-term financing transactions


Monday, 28 Apr 2014 07:00pm EDT 

Hi-Crush Partners LP:Announces completion of its previously announced acquisition of certain equity interests in Hi-Crush Augusta LLC.Acquisition consideration of $224.25 million.Hi-Crush now owns 98 pct. of Augusta's common equity interests.Hi-Crush also announced that it closed on a new $200 million Senior Secured Term Loan Credit Facility.The borrowings under the Term Loan Facility were used to partially fund the Augusta acquisition and to pay related fees and expenses.The Term Loan Facility will bear interest at LIBOR plus 3.75 pct. per annum with a 1.00 pct. LIBOR floor, is priced at 99.0 pct. of par value, and will mature in 2021.The term loan was rated B+ (Stable) by Standard and Poor's Ratings Agency and B2 (Stable) by Moody's Investor Service.Hi-Crush also announced that it has closed on a new five-year $150 million Revolving Credit Facility.The Revolving Credit Facility, currently undrawn, will mature in 2019.The primary purpose of the Revolving Credit Facility is to finance future expansion activities, as well as for general corporate purposes. 

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62.88
-1.06 -1.66%
3:09pm EDT