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Preferred Sands announces debt offering to finance acquisition

Preferred Sands L.L.C., the Radnor company that supplies proppant for hydraulic fracturing of oil and natural gas wells, disclosed Thursday that it had arranged a $376 million debt offering to finance a recent acquisition.

Preferred Sands L.L.C., the Radnor company that supplies proppant for hydraulic fracturing of oil and natural gas wells, disclosed Thursday that it had arranged a $376 million debt offering to finance a recent acquisition.

The company, in a news release, said the debt was secured through J.P. Morgan and the transaction was led and managed by Barclays Capital and KeyBanc Capital Markets. The transaction was finalized Dec. 15.

Preferred Sands announced on Jan. 4 that it paid more than $200 million to buy Winn Bay Sand L.P., which operates silica sand mines in Blair, Wis., and Hanson Lake, Saskatchewan.

Preferred Sands said it would keep Winn Bay Sand's 110 employees, and it plans to expand both of the newly acquired plants in 2012. The company currently has 27 job openings posted on its website, www.preferredsands.com, including nine at its Radnor headquarters.