GMS changes $500 million term loan B talk to SOFR plus 300-325 bps

By Sara Rosenberg

New York, April 26 – GMS Inc. (GYP Holdings III Corp.) revised price talk on its $500 million seven-year term loan B (Ba2/BB-) to a range of SOFR plus 300 basis points to 325 bps from a range of SOFR plus 325 bps to 350 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99.25 from 98.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Wednesday, accelerated from 5 p.m. ET on Thursday, the source added.

Proceeds will be used to help refinance an existing term loan B due 2025.

GMS is a Tucker, Ga.-based distributor of interior construction products.

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