U.S. Silica Holdings has successfully completed the syndication of a new $425 million senior secured credit facility to amend its existing senior secured credit facility. BNP Paribas acted as lead arranger on the new facility.

The senior secured facilities consist of a $375 million, seven-year term loan and a five-year $50 million revolving credit facility. Pricing on the new term loan was set at LIBOR plus 300 basis points. The term loan has a LIBOR floor of 100 basis points. The new interest rate on the revolver is LIBOR plus 250 basis points.

“We’re very pleased with the results of the financing we completed today. Having the additional cash on our balance sheet gives us, among other things, increased flexibility to take advantage of strategic opportunities in the marketplace,” said Don Merril, vice president and chief financial officer.

He added that the new senior secured facility also provides the company with favorable pricing and more flexible terms. Proceeds from the new senior secured facility will be used to pay the outstanding balance on the company’s existing term loan, due in June, 2017, to pay fees and expenses, for excess cash, which can be used for acquisitions, investments, dividends, and share buybacks and for general corporate purposes.

U.S. Silica Holdings, Inc., a member of the Russell 2000, is the second largest domestic producer of commercial silica, a specialized mineral that is a critical input into the oil and gas proppants end market. The company also processes ground and unground silica sand for a variety of industrial and specialty products end markets such as glass, fiberglass, foundry molds, municipal filtration and recreational uses. During its 100-plus year history, U.S. Silica Holdings, Inc. has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 250 products to customers across these end markets. U.S. Silica Holdings, Inc. is headquartered in Frederick, MD.