Quikrete to launch $168 million add-on first-lien term loan on Tuesday

By Sara Rosenberg

New York, April 22 – Quikrete Cos. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a fungible $168 million add-on first-lien covenant-light term loan due September 2020, according to a market source.

Wells Fargo Securities LLC is the lead bank on the deal.

The add-on term loan is talked at Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99.5, the source said.

The spread and floor on the add-on term loan matches existing first-lien term loan pricing.

Commitments are due on May 3, the source added.

Proceeds will be used to repay second-lien term loan borrowings.

Quikrete is an Atlanta-based manufacturer of packaged concrete and related products.

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