Core & Main to launch $1.5 billion term loan on Wednesday

By Sara Rosenberg

New York, June 1 – Core & Main Inc. will hold a lender call at 11 a.m. ET on Wednesday to launch a $1.5 billion seven-year term loan (B+), according to a market source.

JPMorgan Chase Bank is the lead on the deal.

Price talk on the term loan is Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 99.5 to 99.75, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on June 9, the source added.

Proceeds will be used with cash on hand and an initial public offering of common stock to redeem $300 million of senior PIK toggle notes, to redeem $750 million of senior notes, to repay a $1.261 billion senior term loan and for general corporate purposes.

Core & Main is a St. Louis-based distributor of water, wastewater, storm drainage and fire protection products, and related services.

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