Smyrna Ready Mix pitches $300 million add-on to 2029 term loan at SOFR plus 425 bps, 98.5-99 OID

By Paul A. Harris

Portland, Ore., Feb. 21 – Smyrna Ready Mix Concrete LLC kicked off a $300 million fungible term loan add-on due 2029 on Monday, according to a market source.

Pricing features a 425 basis points spread to SOFR atop a 0.5% floor at 98.5 to 99.

The deal features a CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at the end of the day on Feb. 27.

JPMorgan is the lead.

The Smyrna, Tenn.-based manufacturer and retailer of ready-mixed concrete plans to use the proceeds to repay debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.