Kodiak lifts term loan amount to $450 million, tightens OID to 99.5

By Sara Rosenberg

New York, March 19 – Kodiak Building Partners upsized its non-fungible incremental term loan B-2 due March 12, 2028 (B2/B+) to $450 million from $350 million and changed the original issue discount to 99.5 from 99, according to a market source.

Pricing on the term loan remained at SOFR plus 375 basis points with a 0% floor.

The term loan still has 101 soft call protection for six months and no CSA.

RBC Capital Markets is the lead on the deal.

Recommitments were scheduled to be due at 2 p.m. ET, accelerated from an original commitment deadline of 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund a dividend to sponsor Court Square Capital Partners.

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

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