Associated Asphalt talks $325 million term B at Libor plus 550-575 bps

By Sara Rosenberg

New York, March 15 – Associated Asphalt Partners LLC released price talk on its $325 million seven-year first-lien term loan B (B3) ahead of its bank meeting at 10:30 a.m. ET in New York on Thursday, according to a market source.

The term loan is talked at Libor plus 550 basis points to 575 bps with a 1% Libor floor and an original issue discount of 98.5, the source said.

Included in the term loan B is 101 soft call protection for six months and a debt service coverage ratio covenant of 1.1 times.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Capital One are the leads on the deal.

Proceeds will be used to refinance existing debt.

Commitments are due at 5 p.m. ET on March 30.

Associated Asphalt is a Roanoke, Va.-based operator of an asphalt terminalling, storage and distribution network.

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