PrimeSource launches amendment to transition term loan to SOFR

By Sara Rosenberg

New York, May 22 – PrimeSource Building Products Inc. (Park River Holdings Inc.) is seeking a negative consent amendment to its $1.485 billion term loan B due December 2027 to shift to SOFR from Libor and add 10 basis points of credit spread adjustment, according to a market source.

Specifically, pricing on the term loan would be SOFR+10 bps CSA plus 325 bps, compared to current pricing of Libor plus 325 bps.

Deutsche Bank Securities Inc. is the lead on the deal.

The amendment deadline is 5 p.m. ET on May 30, the source added.

PrimeSource is an Irving, Tex.-based provider of construction fastening solutions and other complementary specialty building products.

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