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Quikrete Holdings repriced loan, Tecta America incremental term loan free to trade
By Sara Rosenberg
New York, Aug. 18 – Quikrete Holdings Inc.’s term loan B-1 made its way into the secondary market on Friday, with the debt bid in line with its issue price.
In addition, Tecta America Corp.’s incremental term loan B broke for trading in the morning, with levels quoted above its original issue discount.
Quikrete’s $1,678,750,000 covenant-lite term loan B-1 due March 18, 2029 broke for trading on Friday, with levels quoted at par bid, par ¼ offered, according to a market source.
Pricing on the term loan is SOFR+CSA plus 275 basis points with a 0% floor and it was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months.
Tecta America’s non-fungible $210 million incremental covenant-lite term loan B due April 10, 2028 (B2/B) freed to trade too, with levels quoted at 98¾ bid, a market source remarked.
Pricing on the term loan is SOFR+CSA plus 425 bps with a 0.75% floor and it was sold at an original issue discount of 98.5. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months.
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