White Cap ups spread on $2.31 billion term loan to SOFR plus 375 bps

By Sara Rosenberg

New York, Feb. 2 – White Cap Supply Holdings LLC increased pricing on its $2.306 billion covenant-lite term loan B (B2/B) due October 2027 to SOFR plus 375 basis points from SOFR plus 350 bps, according to a market source.

The term loan still has a 0.5% floor, a par issue price and 101 soft call protection for six months.

Deutsche Bank Securities Inc., RBC Capital Markets, Regions Bank, Wells Fargo Securities LLC, US Bank, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Mizuho are the bookrunners on the deal.

Recommitments are due at 10 a.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 400 bps with a 0.5% Libor floor.

White Cap is a distributor of a diverse mix of concrete accessories and specialty construction and safety products.

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