Forterra to launch $200 million incremental loan, repricing on Monday

By Sara Rosenberg

New York, March 31 – Forterra Finance LLC is scheduled to hold a lender call at 9 a.m. ET on Monday to launch a $200 million incremental first-lien term loan due October 2023 and a repricing of its existing $1,047,000,000 covenant-light first-lien term loan due October 2023, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal (B1/B+).

The incremental term loan and repricing are talked at Libor plus 300 basis points with a 1% Libor floor and 101 soft call protection for six months, the source said.

Original issue discount talk on the incremental loan is 99.5, and the repricing is offered at par.

Commitments are due at 5 p.m. ET on April 7, the source added.

Proceeds from the incremental loan will be used to repay existing ABL facility borrowings, and the repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Forterra is an Irving, Texas-based manufacturer of drainage and water transmission pipe and products.

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