Summit changes talk on $510 million term B to SOFR plus 300-325 bps

By Sara Rosenberg

New York, Dec. 8 – Summit Materials revised price talk on its $510 million five-year term loan B (Ba1) to a range of SOFR plus 300 basis points to 325 bps from SOFR plus 325 bps, according to a market source.

Additionally, the original issue discount on the term loan was changed to 98.5 from talk in the range of 97 to 97.5, the source said.

The term loan still has 10 bps CSA, a 0% floor and 101 soft call protection for six months.

BofA Securities Inc. is the left lead on the deal.

Commitments continue to be due at noon ET on Friday, the source added.

Proceeds will be used to refinance an existing term loan B due 2024 that is priced at Libor plus 225 bps with a 0% floor.

Summit Materials is a Denver-based construction materials company.

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