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Summit ups spread on $425 million term loan to Libor plus 500 bps
By Sara Rosenberg
New York, Dec. 14 - Summit Materials LLC increased pricing on its $425 million five-year senior secured term loan to Libor plus 500 basis points from talk of Libor plus 450 bps to 475 bps, according to a market source.
The 1.5% Libor floor and original issue discount of 99 were left unchanged.
The company is also looking to get a $25 million incremental revolver.
Citigroup, UBS and Bank of America are the lead banks on the deal (B2/BB-).
Proceeds will be used to refinance existing debt, fund acquisitions, including the recently completed purchase of RK Hall Construction Ltd, a Paris, Texas-based aggregates, asphalt production, paving and construction business, and for general corporate purposes.
Summit Materials is a Washington D.C.-based company that was formed in early 2009 to acquire and grow companies in the aggregates and heavy-side building materials industry.
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