Roofing Supply launches $315 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 27 - Roofing Supply Group LLC launched with a call on Thursday a $315 million term loan that is talked at Libor plus 375 basis points with a 1.25% Libor floor, according to a market source.

Of the total amount, $290 million is repricing an existing term loan from Libor plus 525 bps with a 1.25% floor, and $25 million is incremental debt that will be used for general corporate purposes.

The repriced debt is being offered at par, while the incremental is being offered at an original issue discount of 99, the source said.

The entire tranche will have 101 soft call protection for one year.

Also, existing lenders are getting paid out at 101 on the repricing portion due to the current presence of call protection.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Roofing Supply is a Dallas-based wholesale distributor of roofing supplies and related materials.

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