Cornerstone launches $500 million term loan B at SOFR plus 475 bps

By Sara Rosenberg

New York, April 29 – Cornerstone Building Brands Inc. held a lender call at 10:30 a.m. ET on Monday to launch a $500 million seven-year covenant-lite term loan B (B2/B) that is talked at SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. is the left bookrunner on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to repay borrowings under the company’s asset-based and cash flow revolving credit facilities.

On April 19, the company drew down $490 million under its existing asset-based and cash flow revolvers primarily to fund the acquisition of Harvey Building Products Corp., a manufacturer of high-performing windows and doors. The acquisition was completed on April 22.

Cornerstone is a Cary, N.C.-based manufacturer of exterior building products for the residential and low-rise non-residential construction markets.

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