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Quikrete ups term B to $2.3 billion, revises Libor floor and OID
By Sara Rosenberg
New York, Nov. 2 – Quikrete Co. upsized its seven-year covenant-light term loan B (B1/BB-) to $2.3 billion from $2,245,000,000, according to a market source.
Also, the Libor floor on the term loan B was lowered to 0.75% from 1% and the original issue discount was changed to 99.5 from 99, the source said.
Pricing on the term loan B was unchanged at Libor plus 325 basis points, and the debt still has 101 soft call protection for six months.
Commitments are due at noon ET on Thursday, accelerated from Friday, the source added.
The company’s now $2,625,000,000 credit facility, up from $2.57 billion, also includes a $325 million five-year ABL revolver.
Wells Fargo Securities LLC is the lead bank on the deal.
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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