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Summit Materials seeks $400 million term loan at Libor plus 400 bps
By Sara Rosenberg
New York, Jan. 28 - Summit Materials LLC is in the market with a $400 million term loan that is talked at Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 993/4, according to a market source.
The loan has 101 soft call protection for one year, the source said.
Proceeds will be used to refinance/reprice an existing term loan that is priced at Libor plus 475 bps with a 1.25% Libor floor.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the lead banks on the deal that launched with a call on Friday.
Commitments are due at noon ET on Friday, the source added.
Summit Materials is a Washington, D.C.-based acquirer of heavy-side building materials companies in the aggregates, ready-mix concrete, cement, asphalt paving and construction industries.
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