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Forterra increases incremental term loan size to $345 million
By Sara Rosenberg
New York, June 14 – Forterra (Stardust Finance Holdings Inc.) lifted its fungible incremental covenant-light first-lien term loan due March 13, 2022 to $345 million from $270 million, according to a market source.
Pricing on the incremental loan is Libor plus 550 basis points with a 1% Libor floor, in line with existing term loan pricing, and the debt is still being offered at an original issue discount of 99.
As before, both the incremental and the existing term loan debt will get 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to fund a distribution to shareholders.
Recommitments were due at 5 p.m. ET Tuesday, the source added.
Forterra, formerly known as Hanson Building Products, is an Irving, Texas-based manufacturer of drainage and water transmission pipe and products.
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