Quikrete talks $2.25 billion term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Oct. 26 – Quikrete Co. is shopping its $2,245,000,000 seven-year covenant-light term loan B (B1/BB-) with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due on Nov. 4.

The company’s $2.57 billion credit facility also includes a $325 million five-year ABL revolver.

Wells Fargo Securities LLC is the lead bank on the deal that launched with a bank meeting on Monday.

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

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

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