Quikrete Holdings firms $2.4 billion term loan B at 99.75 OID

By Sara Rosenberg

New York, March 26 – Quikrete Holdings Inc. finalized the original issue discount on its $2.4 billion seven-year covenant-lite term loan B at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the seven-year term loan remained at SOFR plus 250 basis points with a 0% floor.

The company’s $1,670,250,000 covenant-lite term loan B due March 18, 2029 is still priced at SOFR plus 225 bps with a 0% floor and a par issue price.

Both term loans (BB) have 101 soft call protection for six months, no CSA and amortization of 1% per annum.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Allocations went out late Monday, at which point the 2029 term loan broke for trading at par bid, par ¼ offered and the seven-year term loan broke for trading at par 1/8 bid, par 3/8 offered, the source added.

Proceeds will be used to reprice an existing term loan B due 2029 down from SOFR plus 275 bps and to refinance an existing term loan B due 2027.

Quikrete is an Atlanta-based manufacturer of infrastructure and industrial construction, repair and home improvement products.

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