Core & Main flexes $1.5 billion term loan to Libor plus 250 bps

By Sara Rosenberg

New York, June 10 – Core & Main Inc. reduced pricing on its $1.5 billion seven-year term loan (Ba3/B+) to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

Furthermore, the original issue discount on the term loan firmed at 99.75, the tight end of the 99.5 to 99.75 talk, the source said.

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

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Thursday, 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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