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Forterra tightens spread, hikes discount on upsized $1.05 billion loan
By Paul A. Harris
Portland, Ore., Oct. 18 – Forterra Finance LLC tightened spread talk and increased the discount on its upsized $1.05 billion seven-year covenant-light first-lien term loan (B1/B+), according to a market source.
Spread talk tightened to Libor plus 350 basis points from 400 bps.
The new 99.5 OID is 50 cents rich to earlier talk of 99.
The deal is upsized from $1 billion.
The 1% Libor floor and 101 soft call protection for six months are unchanged.
Commitments were due on Tuesday.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt.
Forterra is an Irving, Texas-based manufacturer of drainage and water transmission pipe and products.
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