GCP Applied to amend credit facility, use borrowings to redeem notes

By Marisa Wong

Morgantown, W.Va., March 26 – GCP Applied Technologies Inc. said it plans use up to $50 million of borrowings under its credit facility, along with proceeds from an offering of new senior notes and cash on hand, to redeem its outstanding 9½% senior notes due 2023.

If GCP does not complete its previously announced credit facility amendment on or prior to the date the new notes are issued, less than all of the 2023 notes will be redeemed, according to a press release.

Closing of the credit facility amendment is subject to obtaining lender commitments and consents, as well as market and other conditions.

However, the offering of new notes is not conditioned on the credit facility amendment.

GCP is a Cambridge, Mass.-based provider of construction products technologies that include additives for cement and concrete.

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