Custom Building Products launches $320 million credit facility

By Sara Rosenberg

New York, March 4 - Custom Building Products Inc. held a bank meeting on Thursday to launch its proposed $320 million credit facility, according to a market source.

Bank of America and RBC are the lead banks on the deal.

The facility consists of a $25 million revolver and a $295 million term loan B, with both tranches talked at Libor plus 400 basis points with a 1.75% Libor floor, the source said.

The unused fee on the revolver is 75 bps.

The term loan B is being offered with an original issue discount of 99, the source added.

Proceeds will be used to refinance existing debt.

Commitments are due on March 12.

Custom Building Products is a Seal Beach, Calif.-based provider of installation services for tile and stone.

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