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SRS Distribution launches $700 million term loan at SOFR plus 375 bps
By Sara Rosenberg
New York, Jan. 6 – SRS Distribution Inc. launched on Thursday its non-fungible $700 million incremental term loan due 2028 (B2/B-) with price talk of SOFR plus 10 basis points CSA plus 375 bps with a 0.5% floor and an original issue discount of 99 to 99.5, according to a market source.
The term loan has 101 soft call protection for six months.
BofA Securities Inc. and Barclays are the leads on the deal.
Commitments are due at noon ET on Jan. 13, the source added.
Proceeds will be used to help fund acquisitions, including the recently completed purchase of AquaCentral, a distributor of pool equipment and supplies, from Tenex Capital Management.
SRS Distribution is a McKinney, Tex.-based building materials distributor.
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