GCP Applied launches $275 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, Jan. 12 – GCP Applied Technologies Inc. launched on Tuesday its $275 million six-year covenant-light term loan B with price talk of Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

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

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the bookrunners on the deal. Keybanc Capital Markets, PNC Capital Markets and HSBC Securities (USA) Inc. are the co-arrangers.

Commitments are due on Jan. 21.

The term loan is being done in connection with the company’s spinoff from W.R. Grace & Co. and will be used to fund a distribution to W.R. Grace and for working capital.

GCP is a Cambridge, Mass.-based provider of products and technology solutions in the specialty construction chemicals, specialty building materials and packaging sealants and coating industries.

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