Quikrete launches $4.07 billion of term loans to investors

By Sara Rosenberg

New York, March 18 – Quikrete Holdings Inc. was scheduled to hold a lender call at 1 p.m. ET on Monday to launch $4.07 billion of term loans, according to a market source.

The debt is split between a $1.67 billion covenant-lite term loan B due March 18, 2029 talked at SOFR plus 225 basis points with a 0% floor and a par issue price, and a $2.4 billion seven-year covenant-lite term loan B talked at SOFR plus 250 bps with a 0% floor and an original issue discount of 99.5 to 99.75, the source said.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Wells Fargo Securities LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B due 2029 down from SOFR plus 275 bps and to refinance an existing term loan B due 2027.

Quikrete is an Atlanta-based manufacturer of infrastructure and industrial construction, repair and home improvement products.

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