Oglebay Norton's $140 million term loan "B" broke at 100 1/8-100 1/2 in the secondary market and traded up to 100 1/2-100 3/4 last week. JPMorgan leads the deal, which is priced at LIBOR plus 2 1/2%. The credit line also consists of a $55 million asset-based revolver. A buysider said trading was active in the loan, citing its attractive coupon.
Moody's Investors Service assigned a B1 rating to the term loan and the revolver. Oglebay is using the proceeds to refinance its senior credit facilities, convert convertible preferred stock and expand capital. Moody's ratings reflect the value of Oglebay's high-quality mineral reserves, which provide collateral for the term debt. Cleveland, Ohio-based Oglebay produces industrial minerals, including limestone and industrial sands. Julie Boland, treasurer and cfo, did not a return a call.