Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a Rule 144A/Regulation S offering by Minerals Technologies Inc. (“MTI”) of $400 million aggregate principal amount of 7.500% Senior Notes due 2032. MTI used the net proceeds from the offering, together with cash on hand, (i) to redeem all of its outstanding 5.000% Senior Notes due 2028 and (ii) to pay transaction fees and expenses related to this offering and the concurrent Amendment (as defined below).
Simpson Thacher also represented JPMorgan Chase Bank, N.A., as administrative agent, in connection with a Refinancing Facility Agreement and Incremental Facility Amendment (the “Amendment”) to MTI’s existing credit agreement to, among other things, provide for a new senior secured revolving credit facility with aggregate commitments of $500 million.
MTI is a global, technology-driven specialty minerals company that sources, manufactures, sells, and distributes a wide range of minerals and mineral-based products and services.
The Simpson Thacher team included Dave Azarkh, Evan Zuckerman, Suzannah Ranzo and Sandra Cho (Capital Markets); Jessica Tuchinsky, Christine Marshall and Emma Li (Credit); Jon Cantor and Jemma Li (Tax); George Gerstein and Christopher Torikoglu (Executive Compensation and Employee Benefits); Ron Ben-Yehuda and Christine Song (Intellectual Property); and Andrew Pagliughi (Blue Sky).