CPG International launches $575 million loan at SOFR plus 250-275 bps

By Sara Rosenberg

New York, April 18 – CPG International LLC (AZEK) held a lender call at 2 p.m. ET on Monday to launch a $575 million seven-year term loan B (B1/BB-) that is talked at SOFR+10 basis points CSA plus 250 bps to 275 bps with a 0.5% floor and an original issue discount of 98.5 to 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc., JPMorgan Chase Bank, Barclays, Jefferies LLC and TD Securities (USA) LLC are the leads on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to refinance an existing term loan and for general corporate purposes.

CPG is a designer and manufacturer of low-maintenance products focused on the outdoor living market.

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