CPG International to launch $465 million credit facility on Thursday

By Sara Rosenberg

New York, Sept. 4 - CPG International Inc. is scheduled to hold a bank meeting at 10 a.m. ET on Thursday in New York to launch a proposed $465 million credit facility, according to a market source.

The facility consists of a $355 million seven-year first-lien term loan and a $110 million five-year ABL revolver, the source said.

The term loan has 101 repricing protection for one year.

Credit Suisse Securities (USA) LLC and Barclays are the lead banks on the term loan, and Wells Fargo Securities LLC, Credit Suisse and Barclays are leading the revolver.

Proceeds will be used to help fund the acquisition of TimberTech, a Wilmington, Ohio-based subsidiary of the Crane Group that manufactures low maintenance decking, railing and accessory products, and to refinance existing debt.

Closing is expected late this month.

CPG is a Scranton, Pa.-based manufacturer of synthetic building products.

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