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Forterra Finance readies launch of $1 billion term loan for Friday
By Sara Rosenberg
New York, Oct. 6 – Forterra Finance LLC is scheduled to hold a lender call at 9 a.m. ET on Friday to launch a $1 billion seven-year covenant-light first-lien term loan, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
The term loan is talked with a 1% Libor floor and an original issue discount of 99, the source said. Spread guidance is not yet available.
Included in the term loan is 101 soft call protection for six months.
Proceeds will be used to refinance existing debt.
Commitments are due at 2 p.m. ET on Oct. 18, the source added.
Forterra is an Irving, Texas-based manufacturer of drainage and water transmission pipe and products.
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