PNC Bank and National City Bank are wrapping up a $120 million credit for Fairmount Minerals after shutting down syndication earlier than expected last month. The credit proceeds will go toward owner dividend payments, as well as for general working capital, a banker familiar with the situation said. The deal was oversubscribed with about 15 investors signing on, the banker added. The facility includes a $30 million revolver, a $60 million "A" piece and a $30 million "B" loan.
The banker declined to discuss pricing details, but noted that there could still be minimal tranche shifts at the company's discretion. PNC was a lead on Fairmount's previous deal. Chardon, Ohio-based Fairmount is one of the largest producers of industrial sand in the U.S. Calls to Fairmount ceo, Charles Fowler, and cfo, Jenniffer Deckard, were not returned.