PNC Bank and National City Bank have launched syndication of a $230 million deal for Fairmount Minerals. The credit, which hit the market last Tuesday, is broken into a five-year, $200 million term loan and a five-year, $30 million revolving credit facility. Pricing could not be determined. The facility is being used for daily company operations and general corporate purposes.
Based in Chardon, Ohio, Fairmount Minerals is one of the largest producers of industrial sand in the U.S. The company has facilities nationwide and distributes its product around the world. Calls to Jenniffer Deckard, v.p. of finance and cfo at Fairmount, were not returned. A banker at NatCity declined to comment and a banker at PNC did not return calls.