Summit finalizes $634 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, May 16 – Summit Materials LLC firmed pricing on its $634 million term loan B at Libor plus 200 basis points, the high end of the Libor plus 175 bps to 200 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, RBC Capital Markets and Barclays are the arrangers on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 225 bps with a 0% Libor floor.

Summit Materials is a Denver-based construction materials company.

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