CPG International launches $225 million term loan at 99.75 OID

By Sara Rosenberg

New York, May 30 – CPG International LLC launched on Wednesday its fungible $225 million incremental senior secured first-lien term loan due May 5, 2024 with original issue discount talk of 99.75, according to a market source.

Pricing on the incremental loan matches existing term loan pricing at Libor plus 375 basis points with a 1% Libor floor, the source said.

The term loan is getting 101 soft call protection for six months.

Jefferies LLC and Barclays are the lead arrangers on the deal.

Commitments are due on June 7, the source added.

Proceeds will be used to fund the acquisition of Versatex.

Closing is subject to regulatory review.

CPG is a Skokie, Ill.-based manufacturer of highly engineered low-maintenance building materials. Versatex is an Aliquippa, Pa.-based manufacturer of highly engineered cellular PVC products.

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