Quikrete readies launch of $2.57 billion credit facility for Monday

By Sara Rosenberg

New York, Oct. 20 – Quikrete Co. set a bank meeting for 2 p.m. ET on Monday to launch a $2.57 billion credit facility, according to a market source.

Wells Fargo Securities LLC is the lead bank on the deal.

The facility consists of a $325 million five-year ABL revolver and a $2,245,000,000 seven-year covenant-light term loan B, the source said.

The term loan B has 101 soft call protection for six months.

Proceeds will be used to fund the acquisition of Contech and refinance existing debt, the source added.

Commitments are due on Nov. 4.

Quikrete is an Atlanta-based manufacturer of packaged concrete and related products.

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