Gypsum moves up timing on $528 million loans; commitments due Thursday

By Paul A. Harris

Portland, Ore., May 31 – Gypsum Management and Supply Inc. (GYP Holdings III Corp.) shortened the time that its $528 million covenant-light first-lien term loan due April 1, 2023 (B3/B+) will be in the market, a source said.

The new commitment deadline is 5 p.m. ET on Thursday, accelerating timing 24 hours from the previous Friday deadline.

As reported, the deal 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.

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

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