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Fairmount Mineral Ltd., the industrial sand producer owned by American Securities Capital Partners LLC, plans to lower the rate it will pay on an $815 million term loan, according to a person with knowledge of the transaction.

The interest on the debt maturing in March 2017 will be reduced to 3.25 percentage points to 3.5 percentage points more than the London interbank offered rate and will be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1.25 percent floor.

Lenders are being offered six months of soft-call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first six months.

Leverage, or debt to earnings before interest, taxes, depreciation and amortization, will be 2.6 times, the person said. The debt is rated B1 by Moody’s Investors Service and BB-by Standard & Poor’s, according to data compiled by Bloomberg.

Barclays Plc and KeyCorp are arranging the transaction and commitments are due Feb. 12 by 5 p.m. in New York, said the person.

Caroline Harris, a spokeswoman for American Securities, declined to comment.

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