Gypsum launches $528 million term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, May 22 – Gypsum Management and Supply Inc. (GYP Holdings III Corp.) was scheduled to hold a lender call at 3 p.m. ET on Monday to launch a $528 million covenant-light first-lien term loan due April 1, 2023 that is talked at Libor plus 300 basis points to 325 bps with a 1% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to reprice an existing $478 million term loan from Libor plus 350 bps with a 1% Libor floor and extend the maturity from 2021, and to repay a portion of the company’s ABL borrowings.

Commitments are due at 5 p.m. ET on June 2, the source added.

Gypsum Management is a Tucker, Ga.-based distributor of wallboard, acoustical products and other specialty building materials.

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