United Subcontractors credit facility to include $15 million synthetic LC; total deal size $550 million

By Sara Rosenberg

New York, Sept. 11 - United Subcontractors Inc.'s proposed credit facility will include a $15 million synthetic letter-of-credit facility (B2), bringing the total deal size to $550 million, according to a market source.

As was previously reported, the facility, which is scheduled to launch with a bank meeting on Wednesday, also includes a $300 million first-lien term loan B (B2), a $35 million revolver (B2) and a $200 million second-lien term loan (Caa1).

Goldman Sachs is the lead bank on the deal.

Leverage through the first-lien would be around the mid-2 times area and leverage through the second-lien would around the mid-4 times area.

Proceeds will be used to fund a $125 million dividend payment to Wind Point Partners and to refinance existing debt.

United Subcontractors is a Salt Lake City-based installer of residential and commercial insulation systems and provider of related products and services.

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