Stillwater Mining Signs $250 Mln Facility

  • 04 Mar 2001
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Stillwater Mining Company signed its $250 million credit facility last week to replace the company's $175 million credit. James Sabala, cfo, said the company was pleased with TD Securities' work as lead arranger and with the terms the company was able to secure. Pricing did flex up on the deal. "TD brought the deal to my attention and they've always been a strong supporter of our business," said Sabala. He declined to comment on the pricing change or whether the deal was oversubscribed. "The deal got done on the terms we wanted, which speaks for itself," Sabala said.

The credit is structured as a $65 million five-year term loan, a $135 million, seven-year term loan and a $50 million revolving credit line. The $65 million tranche "A" and the revolving piece were both priced between LIBOR plus 2% to 21/2 %. The pricing can fluctuate between the two rates as it is tied to a grid based on a debt to EBITDA ratio. The $135 million term loan "B" tranche is priced at LIBOR plus 31/4 %. Sabala acknowledged that pricing on the revolver and tranche "A" were originally set to price at LIBOR plus 2% for the first six months with the debt grid affecting pricing after the first six months.

TD leads a bank group that includes 25 other banks. The facility will be used to retire debt and fund expansion plans. Stillwater drew $125 million on the seven-year, $175 million credit the company signed in 1999 comprising a $50 million revolver priced at LIBOR plus 13/4 % and a $125 million term loan also priced at LIBOR plus 13/4 %. "That was a whole different animal--straight project finance with a revolver attached," said Sabala, explaining the increase in pricing on the new facility.

  • 04 Mar 2001

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1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

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4 Bank of America Merrill Lynch 50,061.19 163 7.66%
5 Credit Suisse 45,499.96 141 6.96%