Kodiak lifts term loan to $560 million, flexes to Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 24 – Kodiak Building Partners upsized its seven-year term loan B (B2/B-) to $560 million from $540 million and lowered pricing to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months

The company’s now $760 million of credit facilities, up from $740 million, also include a $200 million five-year ABL revolver.

RBC Capital Markets is the left lead on the deal.

Commitments are due at noon ET on Friday, accelerated from noon ET on March 3, the source added.

Proceeds will be used to refinance the company’s capital structure and pay a shareholder dividend, which was increased to $200 million from $175 million as a result of the term loan upsizing.

Kodiak Building is a Highlands Ranch, Colo.-based building products distribution platform and provider of fabrication and assembly services.

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