Core & Main launches $750 million term loan at SOFR plus 225-250 bps

By Sara Rosenberg

New York, Jan. 29 – Core & Main Inc. was scheduled to hold a lender call at 2:30 p.m. ET on Monday to launch a non-fungible $750 million incremental term loan B that is talked at SOFR plus 225 basis points to 250 bps with a 0% floor and an original issue discount of 99.5, according to a market source.

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

JPMorgan Chase Bank is the left lead on the deal.

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

Proceeds will be used for general corporate purposes, including the repayment of about $430 million in total outstanding borrowings under the company’s asset-based lending facility, investment in organic growth and productivity initiatives, M&A, share repurchases or other initiatives aligned with the company’s capital allocation strategy.

The company is also pursuing an amendment to its $1.25 billion asset-based lending credit agreement to extend the maturity to 2029 from 2026.

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

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