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Forterra tightens price on $200 million incremental term loan to par
By Sara Rosenberg
New York, April 10 – Forterra Finance LLC revised the issue price on its $200 million incremental first-lien term loan due October 2023 to par from 99.5, according to a market source.
Pricing on the incremental loan, as well as on a repricing of the company’ existing $1,045,000,000 covenant-light first-lien term loan due October 2023, remained at Libor plus 300 basis points with a 1% Libor floor.
As before, the repricing is offered at par, and all of the first-lien term loan debt is getting 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC is the lead bank on the deal (B1/B).
Recommitments were scheduled to be due at 1 p.m. ET on Monday, 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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