Dayton Superior amends loan, revising maturity and pricing

By Sara Rosenberg

New York, March 16 - Dayton Superior Corp. amended its credit facility on Monday, extending the maturity until March 23 and increasing pricing, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the revolver was increased to Libor plus 650 basis points, with up to 400 bps of the total interest rate paid-in-kind at the company's option, plus an additional 150 bps on special overadvances, and pricing on the term loan was increased to Libor plus 1,250, with up to 800 bps of the total interest rate paid in-kind at the company's option.

General Electric Capital Corp. is the administrative agent on the deal.

During this initial extension period, the company expects to continue negotiations with its senior lenders on the terms of a more comprehensive amendment or forbearance arrangement.

In addition, Dayton Superior is continuing to evaluate possible strategic alternatives to enhance stockholder value, including the possible sale of the company or a controlling interest in it.

As was previously announced, Harris Williams & Co. has been retained to assist in this evaluation process.

The company has also retained Moelis & Co. LLC to advise on options to refinance or otherwise restructure its outstanding debt, and has ended its previously announced relationship with Morgan Stanley.

Dayton Superior is a Dayton, Ohio-based provider of specialized products consumed in nonresidential, concrete construction, and a concrete forming and shoring rental company.

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