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Construction Partners restates facility for $625 million in three parts
By Wendy Van Sickle
Columbus, Ohio, June 30 – Construction Partners, Inc. amended and restated its credit agreement with PNC Bank, NA as agent on Thursday to provide for a $250 million term loan, a $50 million delayed-draw term loan and a $325 million revolver, according to an 8-K filing with the Securities and Exchange Commission.
The $250 million term loan was full drawn at closing and, along with the revolver, matures on June 30, 2027.
The delayed-draw term loan may be drawn through Dec. 30, 2023.
The initial term loan and any delayed-draw term loans will amortize in quarterly installments of 1.25% of the original principal amount starting on Dec. 31, 2023 and for the first 11 quarters and 1.875% of the original principal amount for the following eight quarters, with the balance due at maturity.
Borrowings bear interest at the term SOFR plus an adjustment of 10 basis points plus a margin raging from 100 bps to 200 bps, and the commitment fee can range from 20 bps to 30 bps, both depending on consolidated net leverage ratio.
PNC Capital Markets LLC is the bookrunner and is a joint lead arranger along with BofA Securities, Inc. and Regions Capital Markets.
Bank of America, NA and Regions Bank are the syndication agents.
City National Bank, Fifth Third Bank, NA, Hancock Whitney Bank, Keybank NA and TD Bank, NA are the documentation agents.
Proceeds are available for working capital and general corporate purposes.
Construction Partners in an infrastructure and road construction company based in Dothan, Ala. It is a portfolio company of SunTx Capital Partners, a Dallas-based private equity firm.
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