Summit Materials firms $510 million term B to SOFR plus 300 bps

By Sara Rosenberg

New York, Dec. 9 – Summit Materials set pricing on its $510 million five-year term loan B (Ba1) at SOFR plus 300 basis points, the low end of revised talk of SOFR plus 300 bps to 325 bps and down from initial talk of SOFR plus 325 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99 from revised talk of 98.5 and initial 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 continued 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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