CPG International launches amendment to extend term loan maturity

By Sara Rosenberg

New York, April 26 – CPG International launched on its lender call on Wednesday an amendment that would extend the maturity of its existing $603.1 million term loan to May 2024 from September 2020, according to a market source.

The extended term loan includes 101 soft call protection for six months.

Existing lenders are being offered a 25 basis points upfront fee and new money commitments are being offered an original issue discount of 99.75, the source said.

Pricing on the extended term loan will be unchanged from current pricing of Libor plus 375 bps with a 1% Libor floor.

The amendment would make some other documentation changes as well, the source added.

Jefferies Finance LLC is leading the amendment and will be taking over as administrative agent on the loan.

Signatures are due on May 3.

CPG is a Skokie, Ill.-based manufacturer of highly engineered low-maintenance building materials.

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